Platinum Data Solutions, a provider of collateral valuation and risk assessment technologies, announced Jan. 22 that it has updated FreeAppraisalReview.com to coincide with the adoption of Fannie Mae’s Collateral Underwriter.
FreeAppraisalReview.com is the industry’s first cost-free automated appraisal quality technology designed specifically for residential real estate appraisers. The software, which is accessible through any Internet-connected device, screens appraisals for the most common issues that cause lenders to return appraisals to appraisers and relays its findings to users in an online report.
Starting Jan. 26, FreeAppraisalReview.com automatically will screen for Collateral Underwriter’s findings, including 17 of its 21 hard stops. The remaining four of the 21 hard stop findings are based on proprietary information held by Fannie Mae.
According to Fannie: “On Jan. 26, 2015, the severity level for 21 Fannie Mae proprietary appraisal messages that relate to eligibility violations will be modified. The severity level will change from a warning message that is automatically overridden to a hard stop that will require a lender action (a manual override or the submission of a corrected appraisal) to obtain a ‘successful’ submission status in the UCDP.”
Platinum Data’s RealView lender- and AMC-specific appraisal QC technology also will automatically screen for Collateral Underwriter’s findings, including the same 17 hard stops that FreeAppraisalReview.com monitors. RealView also can be configured to automatically screen for the four remaining findings in a matter of minutes.
“Collateral Underwriter is changing the appraisal process — the professional community that uses residential appraisals is eager for tools that minimize its risks and inefficiencies,” Platinum Data Solutions CEO Phil Huff said. “They want CU hard stops incorporated in segment-specific appraisal quality technologies; so, that’s what we did with both our appraiser-facing tool and our lender- and AMC-specific software. Platinum Data is the ‘Appraisal Quality Company,’ and we respond to what the market’s unique segments need.”