Platinum Enhances RealView Platform with Comparables Feature

Platinum Data Solutions, a California-based collateral evaluation and technology provider for the mortgage industry, announced the addition of a new comparison feature to its flagship appraisal quality platform, RealView.

Dubbed "Platinum Comps," the new enhancement takes a subject property and analyzes and scores up to 100 or more comparable properties, ranking them according to their suitability as a comparison. It also provides related information, including proximity to the subject property, lot size, gross living area, bedroom and bathroom count, amenities, and more, presenting the findings in a color-coded report.

Through its latest enhancement, Platinum says it hopes to further reduce collateral risk and cut appraisal underwriting times by simplifying the comp selection and verification process.

"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," said Platinum Data CEO Phil Huff. "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," Huff continued. "Now they can access that information literally with one or two mouse clicks."