The Federal Housing Administration launched a new Electronic Appraisal Delivery (EAD) module on the FHA Catalyst platform that allows mortgagees to electronically submit appraisals for forward mortgage transactions. Details were provided in Mortgagee Letter (ML) 2020-26.
While HECM mortgagees can’t access this new technology yet, FHA said it plans to expand the EAD module to include Home Equity Conversion Mortgage appraisal submissions in the future,” according to FHA Info #20-59.
As part of FHA’s ongoing information technology modernization initiative, the EAD module is the first of several planned FHA Catalyst modules available for lenders to use when originating forward mortgages intended for FHA insurance endorsement.
The EAD module in FHA Catalyst supports the existing appraisal reporting forms and appraisal protocols. Beginning September 1, 2020, mortgagees may begin submitting appraisals for single family forward mortgage insurance endorsements through the EAD module.