Compliance Alert: Beginning June 27, 2016, all FHA loans will require Electronic Appraisal Delivery (EAD) through the FHA’s EAD portal.
The EAD portal is a web-based platform through which mortgagees, their authorized users and/or their designated third-party service providers (like Accurate Group) will electronically deliver all FHA origination appraisal reports prior to endorsement.
The EAD portal will allow uploads of only those appraisals that comply with FHA’s Appraisal Report and Data Delivery Guide – so it’s critical that you or your service provider be prepared so that appraisal turnaround times are not negatively impacted. Mortgagees will be provided with a confirmation of successful upload, or be informed that the appraisal requires correction and resubmission.
As the industry’s first and leading appraisal management and compliance company (AMCC™), we are pleased to report that Accurate Group has completed its integration to the FHA EAD portal well in advance of the deadline. The Accurate Archer™ appraisal management technology platform validates the XML on the appraiser’s desktop at upload to ensure the appraisal is free of any EAD hard stops. In addition, the appraiser will be alerted to any issues requiring revision prior to upload, saving valuable time in the appraisal completion process.
FHA EAD compliance will soon become a critical consideration for your business. If you have any questions on FHA requirements for real estate appraisals or would like to request a demo of the Accurate Archer appraisal management platform, please contact us at 888-258-5757 or askAG@accurategroup.com.
Legal: Appraisal Tip of the Month (“TIP”) is a publication of Accurate Group, LLC and is intended to provide current insights to recipients. Tip should not be construed as legal advice or a legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only. You should not act or refrain from acting based upon any information in this TIP without seeking the appropriate legal or other professional advice on the particular facts of your situation. Accurate Group, LLC makes no warranty of any kind with respect to the subject matter included herein or the completeness or accuracy of this publication.
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