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Global DMS has officially integrated its Global Kinex application with the Federal Housing Administration’s (FHA) new Electronic Appraisal Delivery (EAD) portal, providing its clients with direct access to the administration’s new appraisal submission tool. The EAD portal will allow up to 10 appraisal files per submission, and also allows the submission of up to 3 appraisal files per loan. Appraisals submitted through the EAD are always subject to an FHA compliance review, and the new portal will return both overridable and non-overridable hard stop messages when appraisal data falls outside FHA requirements.
Accepted Forms/Data Types include:
Mismo 2.6 GSE Extended format:
►Uniform Residential Appraisal Report (FNMA Form 1004; FRE Form 70)
►Individual Condominium Unit Appraisal Report (FNMA Form 1073; FRE Form 465)
Mismo 2.6 Errata 1:
►Small Residential Income Property Appraisal Report (FNMA Form 1025; FRE Form 72)
►Manufactured Home Appraisal Report (FNMA Form 1004C; FRE Form 70B)
►Appraisal Update or Completion Report (FNMA Form 1004D; FRE Form 442)
Global Kinex’s direct integration with the new EAD portal allows users to manage their EAD credentials, upload up to three appraisal files at a time, and manage the EAD submission process to address hard-stops in real-time—offering automatic hard-stop overrides when available. All EAD submissions through Global Kinex are searchable, and the app will also upload the EAD SSR file as an attachment to the appraisal order when applicable. In addition, EAD submission automation is available via eTrac’s Workflow Engine app to help streamline the process even further.
Announced by the FHA in 2015, the new EAD portal is a free Web-based technology system that enables mortgagees, or their designated third-party service providers, to electronically transmit appraisal data and reports to the FHA prior to loan endorsement. This process will become mandatory on June 27, 2016, in which lenders will be required to use this new portal to submit all their FHA origination appraisals. The new EAD portal is designed to make appraisal submission more efficient and to promote higher quality appraisals by flagging potential errors upfront. In addition, because the EAD will eliminate most paper-based FHA appraisal reviews, turn-times are expected to decrease post portal implementation.