New Appraisal Review Tool Is First To Meet USPAP Standard 3 Requirements

Posted by Patrick Barnard on February 01, 2016 No Comments
Categories : Residential Mortgage

Platinum Data Solutions recently launched RS3, the first automated appraisal compliance review tool that evaluates appraisals for compliance with Uniform Standards of Professional Appraisal Practice (USPAP) Standard 3 guidelines.

Several states have adopted regulations that require appraisal management companies (AMCs) to review a percentage or portion of the appraisals they transact in compliance with USPAP’s Standard 3 and, as explained by Phil Huff, CEO of Platinum Data, in a release this new solution will help AMCs comply with those new laws “in moments and for a fraction of the price that they’d pay to conduct these reviews manually.”

“A lot of AMCs are using compliance desk reviews, which generally cost less than a standard review, but can still run $75 to $150, and take anywhere from 48 hours to four days,” says Chris Brownlee, chief appraiser for Property Interlink, a national AMC with headquarters in Houston, Texas, in the release. “Platinum’s RS3 allows us to be a lot faster, more efficient and more cost effective than AMCs who are handling these reviews manually.”

RS3 is built on Platinum Data’s RealView appraisal quality platform. For more, click here.

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