TheMReport

January 2016 - Out of the Woods

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link: http://digital.themreport.com/i/624250

Contents of this Issue

Navigation

Page 31 of 67

30 | TH E M R EP O RT products, such as appraisals, BPOs, and custom valuations, as well as a variety of report and data delivery options. As we become aware of the innovations in technology and what is truly possible, we can and should expect our technology to address the main points that are specific to our indus - try, which we all encounter in our day-to-day operations. As technology consumers, it's time to demand that our software catch up with changes in our industry, new challenges, and the ever-increasing pressure we face to provide fully-compliant, high-quality valuations more efficiently, and with fewer manual interven - tions other than high-touch in quality review. If your provider isn't focused on next-gen technology that evolves with the industry and improves on current processes, then it's time to seek out one that does. Keep the "Top Ten Ss" in mind as you navigate the wild, wonderful world of valuation technol - ogy solutions. And remember this: If the technology doesn't solve a problem, it's not a solution. JORDAN WILDE, VP of Sales and Marketing at First Valuation, has a 13-year tenure in the housing finance and real estate industry during which he has held senior positions in sales, marketing, account management, business development, mortgage origination, underwriting, private lending, title insurance, and REO sales. Throughout his experience in the mortgage banking community, Wilde has gained critical insight and familiarity with collateral valuation, mortgage default servicing, market analysis, and mortgage finance. He is based out of Dallas. * * * The FHA Embraces Electronic Appraisals W C hanges are afoot at the FHA. Sub- mitting paper appraisals to the FHA is about to become a thing of the past. Starting June 27, 2016, the FHA will require mortgagees to use its new Elec- tronic Appraisal Delivery (EAD) portal for all appraisal and report submissions. Per the FHA, the EAD is a Web-based technology system that enables electronic transmission of appraisal data and reports to the FHA from mortgagees and/or their designated third-party service providers prior to loan endorsement. Mortgagees can go to ElectronicAppraisalDelivery.com to submit appraisals or via an integration that their valuation management software provider established. After the EAD is implemented, submitting appraisals manu - ally to the FHA will no longer be allowed. In June 2015, the FHA opened up use of the portal to approved mortgagees to give users the opportunity to begin testing the system and become familiar with the new process. The good news is the way the EAD works is similar to the Uniform Collateral Data Portal (UCDP) that the GSEs require for appraisal submissions. The success that the UCDP has had ended up making it not just for use by the GSEs, but also investors started using it as well, essentially making it the defacto standard in the industry to submit, review, and accept appraisals. The EAD uses the same Uniform Appraisal Dataset (UAD) that the GSEs use for the UCDP, so appraisers and lenders are already accustomed to working with the UAD format and have integrated the delivery of appraisals electronically into their business processes. Like the UCDP, the EAD provides messaging containing real-time feedback on compliance with the FHA file format and data integrity policies. The expectation is that the EAD portal will provide an efficient method by which the FHA can accept files and check, collect, and enforce guideline requirements. The por - tal is designed to make appraisal submissions more efficient and facilitate better quality appraisals by flagging potential errors early on. As a result of eliminating paper-based FHA appraisal reviews, the cost to process appraisals will be lower and turn times will be quicker. Loans are also less likely to be kicked back due to errors, missing informa - tion, or other data problems. Getting Started A s soon as mortgagees receive access credentials from the FHA and validate that they are ready to use the new technol- ogy, they can began delivering appraisals through the EAD portal. Appraisal reports can be submitted two ways through the EAD. They can either use the system's in - terface that allows up to 10 appraisal reports to be uploaded at a time, or they can es- tablish a direct system-to-system integration with the EAD portal. Once an appraisal is uploaded, mortgagees will be provided with a confirmation of successful submission, or they will be informed that the appraisal requires correction and resubmission. FEATURE By Vladimir Bien-Aime Knowledge WHY LIA? The Largest Provider of E&O Insurance to AMCs in the U.S. SINCE 1977 POLICIES SPECIFICALLY DESIGNED FOR AMCS COMPETITIVELY PRICED COVERAGE NATIONWIDE COVERAGE WITH "A" RATED COMPANIES STATE AMC BONDS WITH NO ADDED FEES Contact Susan Lomeli Susan@liability.com Ph: (800) 334-0652 X 139 Fax: (805) 962-0652 www.liability.com CA License #0764257 Administrators & Insurance Services LIA_AMC_Print_Ad_Knowledge_2.2917x9.125.indd 1 2/11/15 7:18 PM

Articles in this issue

Archives of this issue

view archives of TheMReport - January 2016 - Out of the Woods