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PRMI Implements PLATINUMdata's REALview for Quality Control

NationalMortgageProfessional.com
May 09, 2011

PLATINUMdata Solutions, a provider of comprehensive appraisal review and collateral valuation technologies, has announced that Primary Residential Mortgage Inc. (PRMI), a nationwide mortgage lender with offices in 48 states, has implemented REALview, PLATINUMdata’s automated appraisal quality control (QC) technology. By implementing REALview, PRMI is not only safeguarding itself against the inaccurate or fraudulent appraisals that can result in fines, fees and possible buybacks, but also reducing appraisal underwriting time by roughly 50 percent per file. Federal regulators have responded to the detrimental effects of compromised valuations with a number of new regulations and guidelines, as well as noncompliance fines and fees that can cost lenders tens of thousands of dollars per violation. The Dodd-Frank Act has established new regulations, and the Interagency Appraisal and Evaluation Guidelines have been completely revised with new stipulations, as well. “Your evaluation of an appraisal is only as good as your data,” said Cheri Bruno, director of underwriting for Primary Residential Mortgage Inc. (PRMI). “One of the reasons we chose REALview is because it provides the highest quality data, which is a big assurance for us.” REALview’s automated process reviews all of the USPAP (uniform standards of professional appraisal practice) guidelines and the specific data points within the appraisal forms. REALview also cross references the appraiser's license status, in addition to integrating public record and other local market residential information in its analysis to validate an appraised value.  “The industry is preoccupied with all of the new guidelines and regulations, like the Dodd-Frank Act and the new Interagency Guidelines, but that doesn’t mean lenders want to sacrifice cost-efficiency or timeliness in their pursuit of quality,” said Arturo Garcia, chief operating officer of PLATINUMdata. “We’re happy to provide quality-focused lenders like Primary Residential Mortgage the technology power and data quality they require, while also providing the speed, economy and reliability that benefits their internal processes and bottom line.”
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