Comergence and Platinum Data Solutions announced a partnership. It combines the standard-setting appraiser compliance database with a system that rapidly processes and analyzes appraisals for compliance and compares the results with industry guidelines and customized appraisal review rule sets.
Comergence is integrating Platinum Data Solutions’ rules engine that rapidly processes and analyzes appraisals for compliance into Comergence, the only automated, comprehensive, up-to-date, and accurate database in the mortgage industry. Comergence’s database captures whether the appraiser is licensed, has been convicted of a crime, or faces criminal, civil or financial sanctions.
“Our platform continues to be attractive to lenders and appraisal management companies,” said Michael Stallings. “RealView compares appraisal information with custom review rule sets that clients, lenders, and investors establish. Exceptions to the rule set are communicated to appraisers, reviewers, and lenders--so high-quality appraisals are completed without delay.”
“In the mortgage industry, all eyes are on appraisal quality because of regulations from the Consumer Financial Protection Bureau and the OCC,” said Phil Huff, CEO of Platinum Data Solutions. “Many Appraisal Management Companies consider using a third-party for QC a best-practice; Comergence vets appraisers to ensure they are competent and compliant.”
“Together we are providing the most comprehensive, accurate, and innovative third-party risk and compliance platform in the industry,” said Stallings. “Clients gain the confidence of knowing that the appraisers they do business with have excellent track records, provide a high-quality service, and have clean histories from a legal, business and compliance perspective.”