Appraisal quality has become a critical issue for appraisal management providers, as recent industry regulations and guidelines have changed the way appraisals must be ordered, created, reviewed and stored. To this end, USRES has implemented RealView, Platinum Data’s flagship appraisal quality technology into its business practices. The partnership enables USRES to further improve quality control efforts by quickly, efficiently verifying appraisals for compliance, consistency and completeness.
“From our years of experience, USRES’ clients have come to expect the highest standard of quality for their appraisals,” said Keith Guenther, CEO of USRES. “As market conditions change and regulations create additional complexities for our clients, they are able to depend on USRES to ensure their business and compliance needs are met. Partnering with Platinum Data exemplifies our dedication to quality – the technology further enhances our ability to deliver the most accurate and expedient appraisals.”
In addition to reinforcing USRES’ dedication to quality and compliance, the company selected RealView for its ability to provide a comprehensive suite of tools and to fulfill a significant portion of its quality control processes with one RealView report. “After a careful evaluation of various technologies, we determined RealView was the only system that covers at least three key functions for every appraisal: it verifies compliance, provides a vehicle for compliant correspondence with the appraisers as well as determines the accuracy of the appraisal,” explained Guenther. “USRES has always believed that best quality appraisals result from a combination of technology and the expertise of knowledgeable appraisers; RealView gives us a powerful third-party validation tool to compliment our in-house auditing process.”
RealView is an analytical and business intelligence technology for appraisals, which accounts for factors like context and history when screening for the thousands of items that can compromise appraisal quality. It reviews and analyzes every aspect of an appraisal with far more depth, consistency and accuracy than a human ever could, all in less than two minutes. It screens for compliance with all relevant regulations, including guidelines set forth by the Uniform Appraisal Dataset (UAD), Uniform Standards of Professional Appraisal Practice (USPAP), Consumer Financial Protection Bureau (CFPB), the GSEs and other state and federal entities. RealView is the only technology of its kind built on a flexible, rules-based engine, which allows users to configure the technology to their custom specifications in a matter of days, rather than the weeks- or months-long turn times required by traditional appraisal review systems.
USRES has provided valuation solutions for more than 20 years, and in February 2014 introduced its valuation portal, which enables clients to automatically order, route, track and complete origination and default valuation orders. The company’s wholly owned subsidiary, RES.NET, serves the company’s needs as a nationwide appraisal management company, connecting all parties of a transaction for transparent, expedient communication.
“Like all smart companies, USRES knows the impact that quality and efficiency can have on its business and the bottom line,” said Phil Huff, CEO of Platinum Data Solutions. “We have a client that, as an oversight, failed to use RealView on one of their appraisals, which was later found to be flawed and resulted in a loan buyback. By implementing RealView on all of its appraisals, USRES is proactively protecting its sales, reputation and bottom line.”
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 firstname.lastname@example.org.