PLATINUMdata, a collateral solutions provider to the financial industry, announced its latest automated appraisal review product, REALview. The technology, which is designed to automate and standardize the appraisal review process while adhering to Uniform Standards of Professional Appraisal Practice (USPAP) and ensuring compliance with government-sponsored enterprise (GSE) and Federal Housing Administration (FHA) guidelines, features a number of key features that benefit financial institutions by:
► Completing quickly a uniform review of the appraisal and identifying issues, if any
► Facilitating the implementation of sound and efficient collateral review policies and procedures
► Enhancing the quality and validity of appraisals by running numerous data points against the appraiser-provided data
► Enabling customization of investor specific appraisal guidelines (including defined soft markets and DNU lists)
► Tracking appraisers’ performance in local markets
► Verifying appraisers’ state licensing status
► Creating rules and logic to route the appraisal to appropriate processor(s)
► Using local market data to ensure appraisals include most relevant information available
“Gone are the days when lenders and investors simply ‘looked’ at property appraisals. Today, much more attention is focused on various other details that effect true property values,” said Rocky Donathan, president of PLATINUMdata. “REALview is the kind of technology that institutions must have in place to cost-effectively and efficiently manage new quality control standards and other numerous changes that have taken place in the lending and appraisal processes. REALview can significantly reduce buyback repurchases by improving the quality of the appraisal that the investor receives, the comprehensive automated review of market risks and the validation of the information provided by the appraiser through the multiple data sources contained within REALview.”
For more information, visit Platdata.com.
