Platinum Data Solutions, a provider of collateral evaluation and technology for the mortgage industry, announced it has enhanced its flagship appraisal quality technology, RealView, with Platinum Comps.
Platinum Comps analyzes, scores and ranks up to 100 or more properties comparable with the subject property and relays its findings in a straightforward, color-coded report.
RealView accounts for factors such as context and history when screening for the thousands of items that can compromise appraisal quality. Platinum Comps scores each comparable property on a scale of 1 to 100, according to its suitability as a comp. It also validates the data provided in the report for each of the comps and highlights discrepancies between the information provided by its public and private data sources.
Platinum Comps provides information that includes proximity to the subject property, lot size, gross living area, bedroom and bathroom count, amenities and more.
One of the top reasons that lenders send appraisal reports back to appraisers and appraisal management companies (AMCs) is to request an explanation as to why the appraiser believes the comps used in the report are the most suitable. Platinum Data believes Platinum Comps now will help alleviate some of these requests.
“Collateral is the most important part of a mortgage loan, and part of good underwriting involves evaluating whether the comps used in the appraisal are the most appropriate. The challenge is, researching this manually can take a lot of time,” Platinum Data’s CEO Phil Huff said. “We created Platinum Comps in response to underwriters’ requests. They wanted information on how comps used in the report compare with those that weren’t selected. They know that appraisers are only human, and want to ensure that the appraised value is based on legitimate information. Now they can access that information literally with one or two mouse clicks.”
RealView reviews and analyzes appraisals usually in less than two minutes. It is the only technology of its kind built on a flexible, rules-based engine, which allows users to configure the technology to their custom specifications in a matter of days, rather than the weeks or months required by traditional appraisal review systems.
“When lenders think of appraisal quality, they think of Platinum Data,” Huff said. “That’s because we know our job is to keep innovating and creating solutions that reduce collateral risk and lessen the burden lenders and AMCs face in ensuring quality appraisals.”