Platinum Data Solutions, a provider of comprehensive collateral valuation technologies, has announced that San Diego-based Plaza Home Mortgage Inc. has implemented Platinum Data Solutions’ RealView appraisal review technology in its Reverse Mortgage Division, which transacts reverse mortgages nationwide. Reverse mortgage lenders have traditionally relied on automated valuation models (AVMs) and desk appraisal reviews in order to obtain a value on the property securing the transaction.
“Adding desk reviews or AVMs to substantiate an appraisal, although helpful, doesn’t always yield consistent information,” said Mark Reeve, Reverse Mortgage Division manager for Plaza Home Mortgage Inc. “More often than not, they create more ambiguity. This can lead to difficulties between our underwriting staff and the appraisers we use. Without substantiated proof, questions about the validity of comparables tend to result in extended, strained communications between underwriters and appraisers.”
In January 2012, Plaza Home Mortgage implemented Platinum Data Solutions’ RealView automated appraisal review technology in its Reverse Mortgage Division to ensure consistent quality among the appraisals used to underwrite its reverse mortgages. The company now uses RealView as part of its underwriting process on all of its transactions.
“An accurate appraisal should be the number one component of any collateralized loan because it’s sufficient value that positions you at square one to make a decision,” said Phil Huff, chief executive officer of Platinum Data Solutions. “Platinum Data Solutions’ mission is to provide companies with a rock-solid foundation of valuation-based information. From there they can proceed with confidence, to make the decisions that best suit their goals. We’re pleased to welcome Plaza Home Mortgage to the Platinum family of customers, and we look forward to helping them further achieve their goals.”