PLATINUMdata Updates its Automated Appraisal Review Tool

In an effort to better assist lenders and investors in scrutinizing the valuation accuracy of their appraisals,[IMAGE]

Aliso Viejo, California-based ""PLATINUMdata"":http://www.platdata.com/pub/, a collateral solutions provider to the financial industry, has updated its appraisal review product â€" REALview â€" to REALview Plus.

REALview is an automated underwriting and quality control appraisal review tool that checks appraisals for compliance, completeness, and accuracy, while integrating public record and multiple listing service (MLS) data to benchmark the value on the appraisal. In addition to providing these capabilities, REALview Plus provides an automated method of “best comparable” selection and an appraisal quality score based on sales comp relevance, which can be used for bump logic workflow applications.

“Mortgage originators, mortgage insurance companies, servicers, and investors have helped make REALview one of our most popular solutions,” said Rocky Donathan, president of PLATINUMdata. “Our next generation of the product greatly enhances an already well-regarded tool to meet the changing needs of the real estate market through objective appraisal accuracy. With property values constantly in flux, lenders and investors are at risk if they don’t use it.”

The sales comparable check performed through the newly-updated product ensures fewer valuation issues by utilizing the most relevant sales comps near the subject property. And the automated quality score offered through REALview Plus accelerates the appraisal review process with less risk by providing a probability that an appraised value is accurate. Additionally, the appraisal review tool uses multi-sourced public record data and MLS data when available to automate due diligence, cutting down on research time while still providing a diverse and thorough review of data points

“In the current market, lenders and investors know that they can’t just look at property appraisals,” Donathan said. “REALview Plus enables reviewers to be more confident in an appraisal, because our technology allows them to cost-effectively and efficiently improve appraisal quality with a standard methodology that objectively evaluates their valuation results.”