New electronic appraisal delivery technology uses cloud-based platform for forward mortgage appraisal submissions
The Federal Housing Administration (FHA) today 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.
“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,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade. “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.
“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,” said HUD Chief Information Officer David Chow.
FHA-approved lenders may begin using the FHA Catalyst: Electronic Appraisal Delivery module beginning September 4, 2020. FHA encourages lenders to request access to the module for their users as soon as possible by contacting the FHA Resource Center by emailing firstname.lastname@example.org or by calling 1-800-Call FHA (1-800-225-5342).
FHA Catalyst is FHA’s multi-year technology modernization initiative and is supported by a $40 million appropriation from Congress. The FHA Catalyst platform is a secure, flexible, cloud-based platform that will provide a modern, automated system for use by lenders, servicers, and other FHA program participants, while enabling FHA to more efficiently and effectively manage its programs and processes. Today, lenders and servicers are using enhanced FHA Catalyst functionality for electronic submissions of previously paper-based pre-endorsement case binders and many FHA insurance claim types. Find out more about FHA Catalyst on our new FHA.gov website at https://fha.gov/fha-catalyst.html.