Platinum Data Solutions has added a qualitative scoring function to its RealView automated collateral review platform. The system now automatically ranks each appraisal with a “low,” “medium” or “high” quality grade, based on the number and type of rule discrepancies found in each report. This at-a-glance scoring structure allows users to quickly and efficiently assign each RealView-analyzed appraisal report to the appropriate appraisal review level, whether a new or highly experienced staff member, in just a matter of moments. This upgrade is part of Platinum Data’s ongoing commitment to elevating the customer experience through process improvement.
“With RealView’s qualitative scoring, lenders can make quicker loan decisions, prevent buybacks and reduce turn times,” said Phil Huff, chief executive officer of Platinum Data Solutions. “Our customers can now take a look at a RealView report and know in an instant whether to assign that appraisal to a junior reviewer or someone with expertise in certain types of data evaluation. They can maximize their time and their skilled labor forces without sacrificing the quality of their decisions.”
An increasing number of appraisal-related guidelines and regulations—along with their potentially costly fees, fines and repurchases—have created the need for lenders, servicers and investors to thoroughly review all appraisals on the loans they originate, service and purchase. Some organizations review each appraisal through manual processes, which can be time consuming and error-prone. However, more companies are using technologies that leverage automation to review appraisals with greater speed and accuracy.
Platinum Data Solutions’ RealView collateral review platform is the technology that many lenders and mortgage technologists consider to have revolutionized the way the industry reviews residential appraisal reports. In just a few minutes, RealView subjects each report to a comprehensive review that covers over 2,000 USPAP (Universal Standards of Professional Appraisal Practices) and other industry appraisal review guidelines that include appraisal data points, as well as customized user-defined rules throughout all sections of the appraisal report. In contrast, without automation, the internal manual review processes could easily consume 30 minutes or longer.
After completing its automated review, RealView provides a listing of discrepancies—potentially inaccurate, erroneous or fraudulent data points—found in the subject appraisal. Discrepancies are categorized into one of three categories: “blank field” discrepancies, which occur when a required field does not contain any information; “compliance-related” issues, where fields contain data that does not comply with USPAP and/or investor guidelines; or “checklist” issues, which indicate fields containing information that conflicts with the user’s specified criteria.
“There’s no reason that lenders, servicers, investors and AMCs should sacrifice efficiency, cost-effectiveness, service or high quality for attaining compliance—and with RealView, they don’t have to,” said Huff. “Platinum Data’s clients have come to rely on us to make the changes and enhancements that provide them with tangible benefits. RealView saves our clients time, money and compliance headaches by providing a consistent, uniform, well-documented and high quality automated review of appraisals in just minutes. At Platinum Data, capitalizing on market opportunities means providing our clients with the empirical tools that enhance and protect their bottom lines.”