Platinum Data Solutions reports that it has enhanced its RealView appraisal quality control solution with Platinum Comps, a new feature that analyzes, scores and ranks up to 100 or more properties comparable to the subject property and relays its findings in a straightforward, color-coded report.
The new feature enables underwriters to quickly evaluate suitability of appraiser-selected comparables (‘comps’), the company claims in a press release.
Platinum Comps scores each comparable property on a scale of 1 to 100, according to its suitability as a comp. It also validates the data provided in the report for each of the comps, and highlights discrepancies between the information presented and information provided by its public and private data sources. Information delivered includes proximity with the subject property; lot size; gross living area; bedroom and bathroom count; amenities; and more.
‘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,’ says Phil Huff, CEO of Platinum Data. ‘We created Platinum Comps in response to underwriters' requests. They wanted information on how comps used in the report compare with those that weren't selected. They know that appraisers are only human and want to ensure that the appraised value is based on legitimate information. Now, they can access that information literally with one or two mouse clicks.’