“When performing origination quality control for their lender customers they use our RealView product to verify the quality of the information in the appraisal and they use our collateral product as a fraud detection solution to help identify what a subject property was really worth,” Platinum Data CEO Phil Huff told this publication.
“Our tools drive a verification of all the information that is in an appraisal,” Huff said in an interview. “On the quantitative side, our fraud and our risk mitigation tools help compare the information to public records, verifying that the correct comps were used and driving some comparisons between not only public information by sales data as well.”
Huff said in a press release that FAMS, a division of First American Title Insurance Co., handles about 40,000 valuations per month using a network of 17,000 appraisal vendors across the country and chose the vendor specifically to improve its overall QC program.
Although, First American Mortgage has been reviewing all of its appraisals, the appraisal review and appraisal data verification technologies now automate several previously manual verification and review tasks.