Platinum Data Solutions has updated FreeAppraisalReview.com, a cost-free automated appraisal quality technology designed specifically for residential real estate appraisers. Starting January 26, 2015, FreeAppraisalReview.com will automatically screen for Collateral Underwriter’s findings, including 17 of its 21 “hard stops.”
The remaining four of the 21 “hard stop” findings are based on proprietary information held by Fannie Mae, creator of Collateral Underwriter. Platinum Data’s RealView lender- and AMC-specific appraisal QC technology will also automatically screen for Collateral Underwriter’s findings, including the same 17 “hard stops.” RealView can also be configured to automatically screen for the four remaining findings in a matter of minutes.
According to Fannie Mae:
On January 26, 2015, the severity level for 21 Fannie Mae proprietary appraisal messages that relate to eligibility violations will be modified. The severity level will change from a warning message that is automatically overridden to a hard stop that will require a lender action (a manual override or the submission of a corrected appraisal) to obtain a “Successful” submission status in the UCDP.
“Collateral Underwriter is changing the appraisal process—the professional community that uses residential appraisals is eager for tools that minimize its risks and inefficiencies,” said Phil Huff, CEO of Platinum Data Solutions. “They want CU hard stops incorporated in segment-specific appraisal quality technologies, so we that’s what we did with both our appraiser-facing tool and our lender and AMC-specific software. Platinum Data is the Appraisal Quality CompanySM, and we respond to what the market’s unique segments need.”
Over 5,000 appraisers—as well as numerous lenders and AMCs—have signed up and used FreeAppraisalReview.com since it was launched in September 2014. FreeAppraisalReview.com takes only a few seconds to screen appraisals for the most common issues that cause lenders to return appraisals to appraisers, and relay its findings to users in an easy-to-understand online report. FreeAppraisalReview.com is accessible via any internet-connected device. First-time users can set up accounts and start using the service in less than 60 seconds.