FHA Sets Electronic Appraisal Submission Date for June 2016

The Federal Housing Administration will require single family home mortgage appraisals to be submitted through an online electronic delivery portal starting on June 27, 2016, the agency announced Thursday.

The announcement has been anticipated for some time. The FHA reveled its plan to collect electronic appraisals in 2012 but hoped to deploy the system this year instead of next. The paperless submission is part of an administration effort to speed appraisals through automation, a process that Fannie Mae and Freddie Mac instituted several years ago. Once appraisers upload files the FHA's system will pull appraisal data and prefill some fields.

Some exceptions apply. Appraisals for section 184 and 184a loan guarantees processed  by the Department of Housing and Urban Development's office of Native American programs and appraisals of HUD REO properties for FHA will not be subject to the electronic submission requirement, nor will FHA claims without conveyance of title property appraisals and pre-foreclosure sale properties.