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Electronic Appraisal Delivery (EAD)


What is EAD?

The Federal Housing Administration (FHA) recently published Mortgagee Letter 2015-08, Electronic Appraisal Delivery (EAD) Portal for FHA-Insured Single Family Mortgages. This FHA initiative is similar to the GSE’s Uniform Collateral Data Portal (UCDP) in streamlining appraisal data transmission and producing quality reports by flagging potential issues at the beginning, which will reduce turn-times.

The EAD, like UCDP, is managed by Veros and accepts the MISMO XML 2.6 data formats. There is also about 60% overlapping standards rules between the two portals, some of which have varying importance levels.

What is ACI doing to help you comply with the new requirements?

  • Developing a new rule set for ReviewMaster called FHA PAR® Logic that will review the report to verify compliance with key items as identified by FHA.
  • Creating a new MISMO delivery option that incorporates FHA’s EAD requirements for ACI Sky™ Delivery and ACI Report™.
  • Working with Veros and the FHA to run test cases and coordinate a release schedule.

Timeline:

March 26, 2015 – EAD Announced

June 15, 2015 – EAD Portal Registration Begins

June 27, 2016 – Mandatory Use of the EAD Portal

Important Links:

Mortgagee Letter 2015-08

FHA Appraisal Report and Data Delivery Guide

FHA Single Family Housing Policy Handbook

Collateral Underwriter (CU)


What is Collateral Underwriter? (CU)

CU is an appraisal risk assessment application created by Fannie Mae as the next step in the data standardization program. CU uses the data collected through the UCDP to create statistical models that analyze report data.

What is ACI doing around this?

  • Phase 1 – We are adding new PAR® Logic rules to act as a pre-check for certain items in CU. RELEASED
  • Phase 2 – We are adding functionality so you can reference the data from your prior reports for comparison (i.e. Condition and Quality). RELEASED
  • Phase 3 – We are adding analysis tools, including regression, that allow you to analyze a pool of property data and create an addendum that details out the key components of value along with regression data and the property selection pool that was utilized. RELEASED

Helpful Links:
Collateral Underwriter FAQs
Collateral Underwriter Homepage
Collateral Underwriter Introduction
Collateral Underwriter Fact Sheet
Understanding CU’s Risk Score, Flags and Messages
Fannie Mae UCDP Change Notification – November 18, 2014

UCDP User Guide for Fannie Mae Messaging

UAD Video Series

Many appraisers have questions about the UAD requirements, how to complete certain sections of the appraisal report, and what the objectives of the GSEs are in data standardization.

The UAD video training series, starring AQB certified USPAP instructors Richard Heyn, SRA and Dawn Molitor-Gennrich, SRA, is a series of short videos designed to help appraisers better understand some of the finer points in UAD compliance.


Important Links

The links below are useful references on the UAD.

Field-Specific Standardization Requirements

Originally published as Appendix D, this document provides a list of standardized definitions and responses for a key subset of fields on the four UAD appraisal report forms.

Updated Questions & Answers

New Q & A’s tailored specifically to address UAD-related questions received from appraisers have been posted. The GSEs will be updating the Q & A’s frequently, so please check back on a regular basis to make sure you have reviewed the latest updates.

You can find these new materials, as well as more details on the full UAD requirements and standards, on Freddie Mac’s and Fannie Mae’s websites.

Not comfortable with the UAD? Get some additional education. The Appraisal Institute has a good seminar on the UAD and Rich and Dawn regularly present UAD webinars through Northern Michigan University.