Platinum Data Solutions has upgraded FreeAppraisalReview.com with My Property Database. This new feature enables appraisers to compare current appraisal data with data from their previously completed appraisals. FreeAppraisalReview.com is the industry’s only cost-free automated appraisal quality technology designed specifically for residential real estate appraisers. My Property Database, a user-specific quality control (QC) tool, helps appraisers avoid errors, maintain consistency in their appraisal reports and, in doing so, avoid delays caused by Fannie Mae’s Collateral Underwriter.
“Fannie Mae is using Collateral Underwriter to scour appraisals for discrepancies between present and past work, and that includes the way an appraiser describes the subject property and the comps,” said Phil Huff, Platinum Data’s CEO. “If an appraiser rated a property a C2 on one appraisal, then C4 on another, that’s going to trigger a warning, which causes a correction request and delays. This is a huge concern for appraisers. No one—not appraisers, AMCs, or lenders—wants red flags associated with them or their work.”
Fannie Mae’s Collateral Underwriter software screens appraisals for issues the GSE considers indicators of risk, including data inconsistencies. These issues result in warning messages that can impact the overall score the appraisal receives from Collateral Underwriter.
My Property Database runs automatically in FreeAppraisalReview.com. Users simply upload one or more completed appraisals into My Property Database. The next time the user submits an appraisal intoFreeAppraisalReview.com for review, the system automatically parses data from his or her previously completed appraisals, compares that data to that on the submitted appraisal, and reports any discrepancies. This comparison feature empowers appraisers to immediately identify and correct data inconsistencies prior to submitting to an AMC or lender. This helps them to reduce the incidence of correction requests or rejected appraisals.
“Revision requests are skyrocketing, and they’re only going to become more common, particularly for Fannie Mae loans, now that Fannie has deployed Collateral Underwriter,” said Huff. “If lenders, AMCs and appraisers don’t implement their own controls, the entire process is going to slow down. My Property Database helps protect the bottom line, lower borrower costs and elevate the customer experience.”