Dart Appraisal, a nationwide appraisal management company (AMC), has announced the implementation of Platinum Data’s RealView appraisal quality technology prior to submitting appraisals to lenders.
“The process a lender employs for collateral underwriting has changed dramatically in the past few years,” said Michael Dresden, executive vice president of Dart Appraisal. “The increased attention to detail requires lenders to invest additional time, staff and resources in this process. AMCs can help mitigate delays for the lender by reducing the friction caused by multiple client corrections on the same file. It’s imperative to have the right system in place.”
Dart Appraisal’s business strategy is based on providing the highest quality appraisals to its clients. In an effort to improve overall quality and reduce client corrections, the company decided to implement a technology that, combined with Dart’s manual review process, could ensure appraisal quality and compliance, and reduce correction requests. Dart Appraisal researched several different appraisal review technology systems before selecting RealView for its comprehensive capabilities. Since implementing RealView, Dart Appraisal has seen a marked reduction in client corrections and received direct positive feedback from clients.
“RealView really complements our manual review process, and we’re catching more potential issues prior to delivery to the client,” said Dresden. “The amount of back-and-forth has been greatly reduced. Our clients have acknowledged the improvements and have said they’re very happy with our service.”
Dart Appraisal also credits RealView’s audit trail as a key factor in its increased client satisfaction rates.
“Our clients often ask us what was caught in our review process before sending the appraisal to them, and with RealView, we can show them exactly what we found,” Dresden said. “They like knowing that everything is stored on a secure server so if they ever need to produce proof of their efforts, it’s literally as easy as a phone call or a couple of clicks.”
RealView, which screens for all published regulations and guidelines, was recently updated to screen for Collateral Underwriter’s findings, including its 21 hard stops.
“By predicting Collateral Underwriter’s findings and hard stops, RealView helps our QC team provide an even more comprehensive review for our lender clients,” Dresden said. “Although we do handle the UCDP upload for several clients, this function allows us to review predicted CU messages and hard stops for all of our clients.”
