PLATINUMdata, a collateral solutions provider, has updated its automated appraisal review product, REALview, to REALview Plus to better assist lenders and investors in scrutinizing the valuation accuracy of their appraisals, the company says.
REALview is an automated underwriting and quality control appraisal review tool that checks appraisals for compliance, completeness and accuracy while integrating public record and Multiple Listing Service (MLS) data to benchmark the value on the appraisal. In addition to providing the capabilities of REALview, REALview Plus provides an automated method of "best comparable" selection and an appraisal quality score, based on sales comp relevance, that can be used for bump-logic workflow applications, PLATINUMdata explains.
"In the current market, lenders and investors know that they can't just look at property appraisals," says the company's president, Rocky Donathan. "REALview Plus enables reviewers to be more confident in an appraisal, because our technology allows them to cost-effectively and efficiently improve appraisal quality with a standard methodology that objectively evaluates their valuation results."
REALview Plus offers an automated quality score that provides a probability that an appraised value is accurate, PLATINUMdata says. The tool performs a sales comparables check that ensures fewer valuation issues by utilizing the most relevant sales comps near the subject property, and it uses multi-sourced public record data and MLS data when available to automate due diligence, the company adds.