Appraisal Technology Becomes More User Centric

Platinum Data Solutions has upgraded its RealView appraisal quality and compliance technology with a user-controlled customization feature. This feature enables users to customize their RealView software by authoring their own rules at any time of day, with just a few mouse clicks, so they can assure the highest quality, most compliant appraisals, 100% of the time.

Appraisal quality and compliance is of grave importance to lenders and appraisal management companies (AMCs), particularly with the increasing number of states issuing regulations for AMCs, and the Consumer Financial Protection Bureau (CFPB) third party oversight requirements for lenders.

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As a result, most lenders have established appraisal quality and compliance standards. They monitor AMCs and appraisers according to these standards, and can reduce or discontinue their work with them if their quality ratings fall. Investors operate much the same way. They track quality and compliance, and can suspend lender submissions if their ratings fall below the investor’s standards.

“RealView’s rules authoring is a major boost for Dart Appraisal. Our lender clients each have different requirements to meet their quality standards, and they rely on us to specifically address each one,” said Tom Moser, director of quality control for Platinum customer Dart Appraisal, a national AMC based in Troy, Michigan. “I meet with our clients monthly. If there are any issues, I can adjust RealView to address them, right there, in minutes. AMCs that don’t meet lenders’ standards lose business. That’s why we’re thrilled to be the first AMC to be using Platinum’s rules authoring feature, and the first that can adjust immediately to lenders’ needs. This feature definitely gives us an edge over our competition.”

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Stephen French, executive vice president of Nations Valuation Service confirms the financial value of quick reaction times. “In today’s regulatory environment, lenders depend on AMCs like Nations to use the most advanced tools to assure safe, high quality, compliant appraisals,” he said. “RealView’s rules authoring—and the fast response times it enables—is one more way we’re demonstrating our never-ending quest to produce the highest quality appraisals in the market. If you’re going to grow the way Nations has, you have no choice but to be an early adopter of the best technologies on the market.”

“No other appraisal technology can be adjusted fast enough to prevent loss at this level—only RealView can,” said Phil Huff, president and CEO of Platinum Data. “Our user-controlled rules authoring gives our customers tools to get and retain more business. RealView isn’t just easy to use, it’s also the most powerful revenue preservation tool in its category.”

Platinum Data’s online platform and analytical tools are used to protect the country’s top 10 mortgage lenders, and are integrated with nine of the top 10 appraisal management systems.