To help appraisers satisfy the requirements of Fannie Mae's new Collateral Underwriter (CU) risk scoring tool, Platinum Data Solutions has added a comparison tool called My Property Database to its FreeAppraisalReview.com solution.
This new feature enables appraisers to compare current appraisal data with data from their previously completed appraisals. As such, it helps them maintain consistency in their appraisals, which in turn aids in meeting the requirements of Fannie Mae's CU.
My Property Database is a user-specific quality control tool that helps appraisers avoid errors and thus avoid delays caused by Fannie Mae's CU, Platinum Data says in a release.
‘Fannie Mae is using CU to scour appraisals for discrepancies between present and past work, and that includes the way an appraiser describes the subject property and the comps,’ explains Phil Huff, CEO of Platinum Data. ‘If an appraiser rated a property a C2 on one appraisal, then C4 on another, that's going to trigger a warning, which causes a correction request and delays. This is a huge concern for appraisers. No one – not appraisers, AMCs, or lenders – wants red flags associated with them or their work.’
My Property Database runs automatically in FreeAppraisalReview.com. Users simply upload one or more completed appraisals into My Property Database. The next time the user submits an appraisal into FreeAppraisalReview.com for review, the system automatically parses data from his or her previously completed appraisals, compares that data to that on the submitted appraisal, and reports any discrepancies.
For more, click here.