Platinum Data Solutions, a provider of collateral valuation and risk assessment technologies, has launched FreeAppraisalReview.com, the first cost-free automated appraisal quality technology designed specifically for residential real estate appraisers.
Returned appraisals are one of the most frequent grievances among lenders and appraisers because they drain efficiency and reduce profitability. FreeAppraisalReview.com addresses this issue directly, and drastically can reduce the number and frequency of returned appraisals.
FreeAppraisalReview.com quickly screens appraisals for the most common issues that cause lenders to return appraisals to appraisers, and relays its findings to users in an easy-to-understand online report. The information provided by FreeAppraisalReview.com enables appraisers to address specific issues requiring revisions or corrections prior to submitting their appraisals to lenders and AMCs.
“Appraiser-facing review tools like FreeAppraisalReview.com are a much-needed next step to extending accountability across all levels of the appraisal process,” InHouse Inc. Chief Appraiser Al Yeargin said. “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 lenders’, AMCs’ and appraisers’ profits on each transaction,” Platinum Data Solutions CEO Phil Huff said. “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.”
The new offering is accessible via any Internet-connected device and can be used in less than 60 seconds. After a short registration to use the service, the appraiser uploads or drags-and-drops his or her appraisal into the system. FreeAppraisalReview.com then screens the appraisal for more than 1,100 industry standard best practices and relays its findings in a simple, color-coded report.
“FreeAppraisalReview.com is definitely a worthwhile, time-saving tool; plus, it’s fast, free and easy to use,” said Brad Webber, a San Diego-based licensed residential real estate appraiser who uses FreeAppraisalReview.com. “Minor oversights are normal. Every appraiser will omit a detail or two every so often. The issue is, those oversights can trigger send-backs from lenders. With FreeAppraisalReview.com, it’s easy to prevent countless wasted hours for appraisers and lenders.”
“At Platinum Data, we want to empower the entire industry to preserve [appraisers’] reputations and keep control of appraisal quality in their own hands,” Huff said. “The goal for all lenders, appraisers and AMCs should be to correct any appraisal issues prior to submission to the next level. No one wants to be known for errors and oversights, even if they can be corrected. Tools like Platinum’s RealView and FreeAppraisalReview.com allow all parties to submit appraisals that are nothing short of 100 percent clean, pristine and compliant.”