In order to help Federal Housing Administration (FHA) lenders conduct their appraisal quality control checks earlier in the loan endorsement process, Veros Real Estate Solutions (Veros) recently introduced a new “preview” feature to its PATHWAY appraisal review solution, which facilitates Electronic Appraisal Delivery (EAD) portal submission to the FHA.
The preview feature is similar to the one that Veros already offers through its platforms for Uniform Collateral Data Portal (UCDP) appraisals but is specific to the warnings and hard stops published by the FHA. It allows appraisers to automatically control check their reports before uploading them into the portal, thus saving time and headaches.
“Early adoption for both the submission process, as well as a quality control process, such as PATHWAY’s preview [feature], is critical for a smooth transition into EAD,” states Chuck Rumfola, senior vice president of strategic operations for Veros, in a release. “The industry lived through a similar transition in the adoption of the Uniform Appraisal Dataset and UCDP requirements for the government-sponsored enterprises just over five years ago, but it’s important we don’t lose sight that FHA is a different entity with its own requirements and has a unique operational process.”
Appraisers and lenders are required to use the FHA’s new EAD portal for appraisal submission and review starting on June 27. Veros says it is the first vendor to offer this type of advanced quality control check for FHA appraisal delivery. What’s more, the firm says its PATHWAY solution is being used by appraisers to upload reports to the FHA – ahead of the June 27 deadline.