The Federal Housing Administration (FHA) announced the upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform.
FHA Catalyst: Electronic Appraisal Delivery will allow lenders to electronically submit, track, and manage single-family property appraisals, according to an FHA release.
“Transforming FHA technology is the cornerstone upon which we intend to achieve a stronger business and risk management approach – from enhancing portfolio analysis and implementing time-sensitive policy changes – to diversifying our mix of program participants,” FHA Commissioner Dana Wade said in the release. “The FHA Catalyst streamlined appraisal submission capability is one more way FHA is supporting the housing market with innovative technology during the COVID-19 economic recovery.”
The FHA Catalyst: Electronic Appraisal Delivery module enhances electronic appraisal report submission features while maintaining industry standard appraisal data sets in use today throughout the housing finance industry. In its initial release, the module can be used by lenders to electronically submit appraisal reports and updates for FHA Single Family Title II forward mortgages, FHA said.
“The electronic appraisal delivery technology is part of our vision to build out the FHA Catalyst platform to expand the effectiveness of our data collection and analysis capabilities,” HUD Chief Information Officer David Chow said.
FHA-approved lenders may begin using the FHA Catalyst: Electronic Appraisal Delivery module beginning Sept. 4.