Platinum Data Solutions has upgraded its appraisal quality technology platform, RealView, by adding Platinum Comps.
Platinum Comps enables underwriters to evaluate whether comparable homes not used in an appraisal report validate a subject property's actual appraised value. This new feature analyzes, scores and ranks up to 100 or more properties that reside near the asset being appraised and distributes these findings to underwriters in a color-coded report.
Some information that Platinum Comps offers underwriters includes proximity to the subject property, lot size, gross living area, bedroom and bathroom count, and amenities. Platinum Comps also highlights discrepancies between the facts provided by public and private data sources for each comparable in the appraisal report.
Factors like context and history are accounted for in RealView when screening for thousands of items that can compromise an appraisal, the Aliso Viejo, Calif.-based technology provider said in a press release.
"Collateral is the most important part of a mortgage loan, and part of good underwriting involves evaluating whether the comps used in the appraisal are the most appropriate — the challenge is researching this manually can take a lot of time," said Phil Huff, chief executive officer of Platinum Data Solutions, in the release. "Now they can access that information literally with one or two mouse clicks."