Platinum Data Solutions has introduced a free Web-based tool that helps appraisers check the quality of their appraisals.
All an appraiser has to do is upload their appraisal at FreeAppraisalReview.com and the software – which draws on more than 1,100 industry standard best practices – automatically checks the appraisal for discrepancies. The software then relays its findings in a simple, color-coded report.
Platinum Data Solutions says appraisers who use the new tool can drastically reduce the number and frequency of returned appraisals.
‘Appraiser-facing review tools like FreeAppraisalReview.com are a much-needed next step to extending accountability across all levels of the appraisal process,’ says Al Yeargin, chief appraiser at InHouse Inc., an appraisal management company and technology provider, in a release. ‘FreeAppraisalReview.com prevents the simple errors and omissions that can add one or two days to appraisal turn times. At InHouse, our differentiators are quality and fast turn times. Getting a high-quality appraisal from the get-go is a huge benefit to our operations.’
‘Simple, avoidable mistakes and oversights are cutting into lender, AMC and appraiser profits on each transaction,’ adds Phil Huff, CEO of Platinum Data Solutions. ‘Each time an appraisal gets sent back to the appraiser, profit margins decrease for everyone involved – the lender, the AMC and the appraiser. FreeAppraisalReview.com identifies these issues and empowers appraisers to prevent many of these profit-killing delays from ever occurring.’