Veros Real Estate Solutions (Veros), an enterprise risk management, collateral valuation services and predictive analytics provider, has launched the new “Preview” feature for Electronic Appraisal Delivery (EAD) portal submission to FHA. This preview is available through the firm’s proprietary connection to EAD known as PATHWAY, a technology already actively submitting appraisals to the portal well in advance of the FHA mandate.
This feature is specifically focused on helping FHA lenders conduct their appraisal quality control checks earlier in the loan endorsement process. The EAD Preview functionality is similar to that which Veros offers through its platforms for Uniform Collateral Data Portal (UCDP) appraisals, but is specific to the warnings and hard stops published by FHA. Technology vendors can also adopt Veros’ reliable system-to-system connections to facilitate previews and submissions on behalf of their FHA lender customers.
“Early adoption for both the submission process as well as a quality control process, such as PATHWAY’s ‘Preview’, is critical for a smooth transition into EAD,” states Chuck Rumfola, senior vice president of strategic operations for Veros. “The industry lived through a similar transition in the adoption of the Uniform Appraisal Dataset and UCDP requirements for the GSEs just over five years ago, but it’s important we don’t lose site that FHA is a different entity with its own requirements and has a unique operational process. We must also bear in mind how swiftly the June 27th mandate will be upon us.”
Technology solutions such as that provided by Veros are making it easier for lenders and technology providers to make the necessary connections to both EAD and UCDP in a single solution. Adding functionality early in the loan manufacturing process to quickly detect and resolve issues specific to investor or insurer policies drives better all-around loan quality and streamlines deliveries into the secondary market. Pathway allows stakeholders to manage these deliveries on one platform regardless of a loan’s ultimate destination. Veros provides its proven support in managing all integrations to secondary market systems so Pathway customers have one less item to worry about.
Veros is at the forefront of the industry in regard to its secondary market portal submission capabilities as the first technology firm to establish a complete integration to EAD and the first to provide a complete Preview. The firm is also the technology provider selected by Fannie Mae and Freddie Mac to design, build and maintain the UCDP and was similarly selected by FHA to design, build and manage EAD. Veros offers its own proprietary system solutions separate and apart from these systems, and in a highly integrated, reliable and secure environment.