*How Do Your Appraisals Score?*
**By Tony Garritano**
***Are you worried about accuracy? Vendors can help. For example, Platinum Data Solutions, a provider of collateral evaluation and quality technologies, has launched all-new upgraded scoring functionality for RealView, a technology for ensuring appraisal quality. The new scoring function assigns each appraisal a numerical value ranging from 0 to 1,000, to indicate the report’s standing according to overall appraisal quality, as well as in three separate categories: compliance, credibility, and complexity.
****This upgraded scoring is part of Platinum’s initiative to stay ahead of the curve with its zero-tolerance solutions for appraisals and mortgage data.
****Platinum’s new quantitative scoring feature indicates how the appraisal and subject property rank regarding the top factors that can put lenders at risk of noncompliance, buybacks and fraud. It provides users with the fastest way to gain a deeper understanding of the quality of their appraisals and properties, so that they can
****>> quickly and more efficiently route appraisals to the appropriate appraisal underwriter;
****>> identify properties and reports that may present higher risk; and
****>> minimize severity should loss occur.
****RealView’s compliance screening covers GSE, UAD and USPAP guidelines, as well as other published regulatory requirements, and can be configured to screen according to user-defined guidelines as well.
****Its credibility screening crosschecks the appraisal methodology used to produce the appraisal against best practices as determined by subject matter experts from within and outside of Platinum Data.
****The complexity screening examines appraisal data for specific elements that can indicate atypical properties or market conditions, such as a four-bedroom, 1,000 square foot house in a neighborhood made up primarily of three-bedroom, 1,500 square foot homes.
****“Many of our customers wanted deeper at-a-glance appraisal and property information,” said Phil Huff, CEO of Platinum Data Solutions. “Fortunately, Platinum’s technologies are built on a flexible rules-based platform, so we were able to act quickly to adapt to their needs. We’re the only platform in our segment that uses a flexible, rules-based architecture. It’s one of our major differentiators.”
****In the past year, Platinum Data appointed two highly respected technology experts to its executive team. Nima Oreizy, who helped create RealView and whose career includes work with Microsoft and Apple, was appointed chief technology officer in October 2012. Platinum Data also recently appointed industry-renowned valuation expert Bill King as senior vice president, valuation solutions.
****“We have a technology ‘dream team’ here at Platinum, and we’re serious about providing technologies with zero-tolerance for inaccuracies, intentional or not,” said Huff. “Our industry has access to an unprecedented amount of data, and technology is the key to turning that information into business intelligence.”
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.