Mapping Out Appraisal Quality

*Mapping Out Appraisal Quality*
**Emphasizing Data**

***Platinum Data, a provider of collateral evaluation technologies, has launched DataMapper, a custom data aggregation and business intelligence module within RealView, the company’s flagship technology that offers data appraisal quality verification. DataMapper aggregates, analyzes and presents data from any of the company’s appraisals that have been evaluated using RealView. Here’s how it works:

****“RealView users can choose the data they wish to access from the appraisals they’ve previously run through RealView, then use that data as a comparative measurement for any new appraisal,” says Phil Huff, Platinum Data’s CEO. “This type of business intelligence isn’t available through any other single source. It adds one more level of accuracy in determining a property’s value, in addition to helping RealView users to identify trends that can indicate possible fraud.”

****Each appraisal contains thousands of pieces of information. However, only some of that information is available through public records, explains Huff. “Certain property attributes, like the home’s custom features or even square footage can appear on an appraisal but not be listed in the MLS or public records,” he adds. “Now, companies can use and act upon virtually any piece of information on any of their appraisals that RealView has analyzed.”

****“No other appraisal technology provides this type of information, and that gives us a real competitive edge with our lender clients,” says Stephen French, executive vice president for Nations Valuation Services, a nationwide appraisal management company. “Nations Valuation Services is definitely on the cutting edge when it comes to quality appraisals. With RealView DataMapper, we’ll be able to provide our lenders information that they may not even be able to find in public records.”

****Had business intelligence tools like DataMapper existed in the height of the real estate boom of the early 2000s, lenders would have been able to identify artificially inflated values, explains Huff. “You can start recognizing trends when you have access to this level of data,” he says. “You can see which appraisals were done by which appraisers, along with the values they’ve determined and which comparables have been used on previous appraisals. DataMapper can help identify certain types of mortgage fraud that contributed to the mortgage crisis.”