As FHA continues to move forward with on-boarding lenders to use the EAD portal, we added new logic to our MISMO® XML delivery eService to help you stay compliant. Now when an FHA Case Number is detected, the MISMO XML eService automatically runs the FHA PAR® Logic rule set.
The FHA PAR Logic rules include compliance rules, similar to UAD, as well as some additional business rules that correspond to FHA guidelines. Keep in mind EAD compliance includes strict formatting rules for the 1004C and 1025 forms, here are some examples:
Must conform to UAD formatting.
Examples: 6400 sf, 3.40 ac, 303 sqm
This field must be numeric ONLY. Square Feet is already implied and must not be included in the field.
Formats for Dates, Money and Numeric fields:
Dates should be formatted like MM/DD/CCYY or MM/CCYY. Whole dollar amounts should not include “.00” and should not contain dollar signs or commas. Numeric fields should only contain numbers “0” through “9.”
You can start enjoying this new feature right away by running WebUpdate.
For more information about the FHA EAD portal, visit our compliance page. Have a question about this feature, other functions or just overall efficiency? We’re here to help you, please email firstname.lastname@example.org or give us a call at 800-234-8727.