PALM COAST, Fla.--(BUSINESS WIRE)--In preparation for the Federal Housing Administration’s (FHA) mandated use of its Electronic Appraisal Delivery (EAD) technology system, ACI announced today it is among the first appraisal technology providers to offer its appraisal management company (AMC) clients full integration with the EAD portal. Effective June 27, 2016, all FHA-approved mortgagees will be required to use the EAD portal to submit appraisal data to FHA.
Introduced in 2015, the EAD portal is a Web-based platform through which mortgagees, third-party service providers and other authorized users can electronically deliver FHA origination appraisal reports prior to endorsement. ACI developed direct system-to-system integrations to assist clients—including Dart Appraisal, Direct Valuation Solutions (DVS), First American Mortgage Solutions, Guideline AMC, Mortgage Information Services, Valutrust Solutions and Property Sciences—with delivering assignments to FHA’s EAD portal.
Appraisal reports uploaded to the EAD portal must comply with FHA’s Appraisal Report and Data Delivery Guide. The EAD portal checks each submission against FHA requirements and returns a detailed status message indicating the submission’s success or failure. Certain critical data errors, such as those that cause data conflicts between the EAD portal and FHA Connection, must be remedied before the submission can be successfully transmitted. Other lesser discrepancies may be accepted, but will be flagged by the portal for lender review.
ACI’s application programming interface (API) fast-tracks existing users of ACI’s Uniform Collateral Data Portal integration to be EAD-ready in a matter of weeks, sparing the AMC from conducting its own extensive coding and testing.
“Companies are considering assigning full-time resources just to handle all the EAD testing,” said George Opelka, senior vice president of sales and marketing at ACI. “We’re pleased that we can not only handle the initial coding and testing for our clients, but also offer ongoing support in case of submission issues down the road or later changes to the EAD requirements.”
ACI’s integration also comes with portal uptime monitoring and a firewall-protected secure file submission environment to provide clients additional peace of mind. For more information and a copy of the ACI EAD integration guide, please contact George Opelka at 800-234-8727, ext. 846 or via email at firstname.lastname@example.org.
ACI, a pioneer in crafting technology solutions for the mortgage valuation community, has gained industry-wide recognition and support from leaders in the field. ACI’s highly scalable appraisal solutions are tailored to the needs of the organizations ACI serves. The ACI client base features many of North America’s premier lenders, national appraisal companies and real estate brokerage firms. From connecting appraisers nationwide to streamlining quality control, ACI enables organizations to process appraisals and manage exceptions in a consistent and efficient manner. Headquartered in Palm Coast, Fla., ACI (https://www.aciweb.com) is a member of the First American (NYSE: FAF) family of companies.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services, and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust, and investment advisory services. With revenues of $5.2 billion in 2015, the company offers its products and services directly and through its agents throughout the United States and abroad. More information about the company can be found at https://www.firstam.com.