HUD/FHA’s Electronic Appraisal Delivery (EAD) Portal Deadline Approaching
The HUD/FHA Electronic Appraisal Delivery (EAD) portal will become mandatory for use by all mortgagees on June 27, 2016. In order to prevent huge disruptions in their FHA loan origination pipeline, “lenders are encouraged to get registered for onboarding to the EAD portal before the effective date”, was the word from HUD in a News Release, dated April 7, 2016.
In this regard, the very last onboarding phase begins on April 15, 2016, and if your Firm has yet to go through this process, you should register by April 14, 2016. Click here to find out how to go about registering.
Once a lender has gone through this process – they will be expected to submit FHA appraisal reports and data to FHA for all FHA loan transactions that require an appraisal.
The advantages that this technology will bring to the industry include:
- Any data integrity and compliance issues related to the appraisal will be identified up-front
- Errors rates on endorsements should greatly decline
- Data entry functions will be streamlined as the portal will interface with FHA Connection’s Appraisal Logging Screen
The bad news for procrastinating lenders is that as of June 27, 2016, lenders that have not been successfully “onboarded” to the EAD portal will be unable to submit appraisals to FHA for all new case numbers assigned on and after that date. Also, they will be unable to enter appraisal information into FHA Connection or obtain FHA mortgage insurance.
[poll id=”121″]
To obtain additional information go to the EAD Portal.
Don’t put this important task off – time is running out!