Platinum Data Solutions recently launched RS3, the first automated appraisal compliance review tool that evaluates appraisals for compliance with Uniform Standards of Professional Appraisal Practice (USPAP) Standard 3 guidelines.
Several states have adopted regulations that require appraisal management companies (AMCs) to review a percentage or portion of the appraisals they transact in compliance with USPAP’s Standard 3 and, as explained by Phil Huff, CEO of Platinum Data, in a release this new solution will help AMCs comply with those new laws “in moments and for a fraction of the price that they’d pay to conduct these reviews manually.”
“A lot of AMCs are using compliance desk reviews, which generally cost less than a standard review, but can still run $75 to $150, and take anywhere from 48 hours to four days,” says Chris Brownlee, chief appraiser for Property Interlink, a national AMC with headquarters in Houston, Texas, in the release. “Platinum’s RS3 allows us to be a lot faster, more efficient and more cost effective than AMCs who are handling these reviews manually.”
RS3 is built on Platinum Data’s RealView appraisal quality platform. For more, click here.
Great to hear about this new technology – the RS3 sounds like a very useful tool for appraisers! We love that it’s USPAP compliant too. For those that are still unfamiliar with USPAP and in what ways you are required to follow USPAP, we offer clarification in this blog post( https://mountainseed.com/2017/10/03/uspap-regulations/). Thanks again for sharing.