PLATINUMdata, a collateral solutions provider to the financial industry, has announced the update of its automated appraisal review product, REALview, to REALview Plus to better assist lenders and investors in scrutinizing the valuation accuracy of their appraisals. REALview is an automated underwriting and quality control appraisal review tool that checks appraisals for compliance, completeness and accuracy while integrating public record and MLS data to benchmark the value on the appraisal. In addition to providing the capabilities of REALview, REALview Plus is an enhanced version that provides an automated method of “best comparable” selection and an appraisal quality score, based on sales comp relevance, which can be used for bump logic workflow applications.
“In the current market, lenders and investors know that they can’t just look at property appraisals,” said Rocky Donathan, president of PLATINUMdata. “REALview Plus enables reviewers to be more confident in an appraisal, because our technology allows them to cost-effectively and efficiently improve appraisal quality with a standard methodology that objectively evaluates their valuation results.”
REALview Plus offers an automated quality score that accelerates the appraisal review process with less risk by providing a probability that an appraised value is accurate. It performs a sales comparables check that ensures fewer valuation issues by utilizing the most relevant sales comps near the subject property. The product uses multi-sourced public record data and MLS data when available to automate due diligence, cutting down on research time while still providing a diverse and thorough review of data points.
“Mortgage originators, mortgage insurance companies, servicers and investors have helped make REALview one of our most popular solutions,” said Donathan. “Our next generation of the product greatly enhances an already well-regarded tool to meet the changing needs of the real estate market through objective appraisal accuracy. With property values constantly in flux, lenders and investors are at risk if they don’t use it.”
For more information, visit www.platdata.com.