Good technology always wins out. The best of technology today will be rewarded by gaining market share and market adoption. For example, Freddie Mac has approved Platinum Data Solutions as one of nine authorized distributors of Freddie Mac’s Home Value Suite to mortgage lenders, servicers and other third parties, Platinum Data officials announced.
Freddie Mac’s Home Value Suite includes Home Value Explorer (HVE), an automated valuation model (AVM), and Home Value Calibrator® (Calibrator), a quality control tool that analyzes the relationship between key loan information, borrower information and collateral valuation data.
“We’ve been in discussions with Freddie Mac about our AVM calibration and testing program, and I believe our dedication to accuracy and suitability is a key reason they selected us a distributor,” said Phil Huff, CEO of Platinum Data.
Platinum Data is the largest independent reseller of automated valuation models in the country and the premier provider of collateral evaluation and quality technologies for the mortgage industry. As an authorized distributor, Platinum Data can now sell HVE to not only lenders, servicers and other direct users, but also third party resellers. Another distinction of being an authorized distributor is that Platinum Data is now able to provide Calibrator, which was not previously available through the company.
“Quality is very important to Freddie Mac, and Platinum’s OptiVal helps lenders and servicers ensure quality by determining the most suitable AVMs based on location and other risk factors,” added Huff. “With our mutual dedication to quality, this is a great fit.”
Each AVM’s accuracy varies by geographic area. In order to provide the highest levels of AVM accuracy, Platinum Data recently completed comprehensive calibration testing for all 18 AVMs in the OptiVal cascade, including HVE. Calibration testing assures users that OptiVal’s results are the most accurate, according to current market values.
About The Author
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.