Based on feedback from customers, Platinum Data Solutions has improved the scoring functionality of its RealView appraisal software.
Now, not only is each appraisal assigned a numerical value from zero to 1,000 to indicate its overall quality, it is ranked in three separate categories: compliance, credibility and complexity.
With this new ‘quantitative scoring’ feature, lenders and servicers can determine how an appraisal and subject property rank with regard to the top factors that can put them at risk of noncompliance, buybacks and fraud.
RealView's ‘compliance’ screening covers government-sponsored enterprise, uniform appraisal dataset and uniform standards of professional appraisal practice guidelines, as well as other published regulatory requirements. ‘Credibility’ screening cross-checks the appraisal methodology used to produce the appraisal against best practices as determined by subject matter experts from within and outside of Platinum Data. ‘Complexity’ screening examines appraisal data for specific elements that can indicate atypical properties or market conditions – such as a four-bedroom, 1,000 square-foot house in a neighborhood made up primarily of three-bedroom, 1,500 square-foot homes.Â
Phil Huff, CEO of Platinum Data Solutions, says the improved scoring functionality is the result of feedback from customers who ‘wanted deeper at-a-glance appraisal and property information.’