Veros’ PATHWAY Solution Now Has Path To FHA’s EAD Portal

Posted by Patrick Barnard on May 20, 2015 No Comments
Categories : Residential Mortgage

Lenders using Veros' proprietary PATHWAY appraisal delivery solution can now establish a direct connection to the Federal Housing Administration's (FHA) recently announced Electronic Appraisal Delivery (EAD) portal for electronic appraisal submission.

‘PATHWAY is an ideal solution for entities in need of a connection to EAD without the necessity of a complete platform solution or the resources to manage their own direct integration,’ explains David Rasmussen, senior vice president of operations for Veros, in a release.

According to FHA's EAD Overview fact sheet, the portal mirrors, in large part, the electronic appraisal technology currently used for conventional mortgages and enables electronic transmission of appraisal data and reports to FHA.

Detailed in FHA's EAD Data Format and Forms fact sheet, the requirements for completing an appraisal report are based upon the industry standard Uniform Appraisal Dataset (UAD), with some additions and modifications specific to FHA appraisal and property requirements.

‘PATHWAY was originally developed to support appraisal submission to the UCDP, which Veros built and maintains for the GSEs,’ adds Rasmussen, ‘Since its inception, PATHWAY has proven to be a reliable tool that lenders across the country can depend upon when submitting required appraisal data to the secondary market. Up to this point, that has only included portal delivery to Fannie Mae and Freddie Mac, but now Pathway will provide one seamless connectivity point for the lender or its agents to also deliver electronic appraisals to FHA's portal.’

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