Platinum Data Solutions, a provider of valuation data and analytics solutions, has completed integration with the Federal Housing Administration's (FHA) Electronic Appraisal Delivery (EAD) portal, thus enabling its lender customers to electronically submit appraisal reports and appraisal data to the FHA prior to loan endorsement.
Customers may also extend their access to the EAD portal to their designated third-party service providers, Platinum Data says in a press release.
Lenders are required submit their appraisals and appraisal data to the FHA via the EAD portal starting on June 27, 2016. Platinum Data is one of the first organizations to complete the EAD integration.
As part of its EAD-readiness program, Platinum Data has also developed and deployed a number of new FHA appraisal review rules within RealView, its appraisal quality and analytics software for lenders and AMCs.
‘When it comes to new regulations, proactive adoption and preparation equate to saving money and preventing risk,’ says Phil Huff, CEO of Platinum Data. ‘That is why we completed this integration well before the June 2016 deadline. These days, the three biggest parts of lenders', AMCs' and appraisers' jobs are staying compliant, adhering to the highest quality standards and maintaining strong profit margins. This integration is one more way we're helping our customers to accomplish these three objectives faster, easier and with greater efficiency.’