SharperLending LLC, a mortgage technology provider, announces it successfully has registered Appraisal Firewall as an FHA Electronic Appraisal Delivery (EAD) portal lender agent.
By becoming an FHA EAD Lender Agent, Appraisal Firewall continues its trend of streamlining mortgage lenders’ appraisal processes with technology by submitting real estate appraisals to the EAD on behalf of lenders, the company said in a news release.
Set to take effect in late June 2016, the Department of Housing and Urban Development (HUD) will require that, on all FHA mortgage loans, lenders must submit the real estate appraisal that is used to value the subject property as collateral to secure the loan to the FHA Electronic Appraisal Delivery portal.
“We are thrilled to be one of the first real estate appraisal software providers to become a lender agent, and to have released a fully validated system-to-system interface to the FHA EAD technology portal,” SharpLending President and CEO Dave Black said in the release. “At the heart of Appraisal Firewall is the ability to discover lenders’ appraisal inefficiencies and streamline them. From compliance pressures to workflow bottlenecks, Appraisal Firewall, a secure, web-based software solution for lenders to manage their own appraisal process, has always provided solutions to help lenders navigate challenging lending environments. The FHA EAD portal initiative is just another way that we help lenders so that they can focus on the closing of the loan and not the speed bumps that can get in the way.”
The company is providing an FHA EAD resource center for lenders on how to familiarize themselves with the EAD process.