Platinum Data Solutions, ValuTrac Software Enter into Partnership

ValuTrac Software and Platinum Data Solutions have entered into a partnership to offer lenders and appraisal management companies a single, end-to-end appraisal quality verification and management technology solution.

The companies will integrate ValuTrac Pro, a fully customizable appraisal management system, with Platinum’s RealView, a configurable appraisal data quality verification technology. Through this partnership, lenders and AMCs will now have an all-in-one solution that helps them manage workflow, ensure compliance and mitigate risk in the appraisal review process.

One feature the Flower Mound, Texas-based software solution provider’s ValuTrac Pro product offers is unlimited users, which allows lenders and AMCs to manage all clients, branch offices, employees and appraisers. Also, the product has an appraisal dashboard that offers real-time status of all appraisal orders and automated status update emails to all users.

Additionally, ValuTrac Pro provides users with flag orders to mark for future follow-up, instant messages within each individual file, and date and time stamped communication that helps track whether an appraiser has an expired license.

Meanwhile, through RealView, each field on an appraisal report is verified against the Aliso Viejo, Calif.-based collateral valuation and risk assessment technology provider’s database of public and private sources. The system, which can be easily customized, covers more than 2,500 business rules and appraisal review guidelines.

During the automated review process, RealView analyzes over 1,300 specific data points, verifies an appraisers license status, gathers public record, local listing and pending sale data, and detects sales price movement, market risk and potential mortgage fraud.

Platinum Data said RealView empowers mortgage lenders, insurers, servicers, asset management companies, credit unions, banks and investors to quickly review appraisals with a significant reduction—as much as 60%—in review time and errors.

“RealView offers users more efficiency in the appraisal review process, while ensuring compliance and the highest quality value decision,” said Phil Huff, chief executive officer of Platinum Data Solutions. “By partnering with ValuTrac, we now provide our customers a comprehensive appraisal management and quality verification solution that does not sacrifice power, flexibility, or functionality.”

Clint Cornett, chief executive officer at ValuTrac, expressed similar satisfaction about partnering with Platinum Data to offer clients one solution to prove an appraiser’s report is complying with industry guidelines.

“Platinum is the premier provider of appraisal verification tools and a perfect partner for us to further help our clients mitigate risk in the lending value chain,” Cornett stated. “By adding RealView to our product offerings, we now offer appraisal management companies, banks, credit unions, and mortgage lenders the industry’s most advanced appraisal management system to help them operate more efficiently, enhance customer service, mitigate risk and ensure industry regulatory compliance.”