Platinum Data Solutions, a provider of valuation and analytics solutions, has launched RS3, what it calls the industry’s first automated appraisal compliance review tool that evaluates appraisals for compliance with USPAP Standard 3 guidelines.
Several states have adopted regulations that require AMCs to review a percentage or a portion of appraisals transacted in compliance with USPAP’s Standard 3, the company said in a news release.
“RS3 helps AMCs with state appraisal review regulations in moments, and for a fraction of the price that they’d pay to conduct these reviews manually,” Platinum Data CEO Phil Huff said in the release.
Property Interlink Chief Appraiser Chris Brownlee said the solution was a better alternative than compliance desk reviews.
“Platinum’s RS3 allows us to be a lot faster, more efficient and more cost effective than AMCs who are handling these reviews manually.” he said.
The RS3 report is designed to help users immediately identify the most important findings. It uses vital cues such as color and object placement to differentiate findings such as compliance violations, inconsistencies, errors and outliers, the release said.
“The RealView platform is making appraisal quality and compliance accessible for the entire industry,” Huff said. “Lenders, AMCs and appraisers can all benefit from using automation to impart speed, accuracy and consistency to rote and tedious tasks. However, different parties have different needs for the level of analytics needed to evaluate an appraisal. RS3 was designed for AMCs that want to conduct compliant appraisal reviews.”