WALTHAM, Mass., March 30, 2016 /PRNewswire/ -- Pro Teck introduces Intelligent Quality Control, the solution to enhance appraisal quality by giving appraisers and review staff the tools needed to address issues before an appraisal is submitted. While tools like Collateral Underwriter are being used post-delivery to identify appraisal risk, Pro Teck's Intelligent Quality Control presents the needed information to the appraisers earlier so they can correct and comment on any issues before appraisal delivery.
Pro Teck's proprietary platform was built from the ground up to reduce wasteful communication cycles between appraiser, AMC and client for correction, clarification and confirmation. Tom O'Grady, CEO of Pro Teck, said the process of creating such a solution involved Pro Teck partnering with the best appraisal review tool available, Platinum Data's RealView®. RealView is the leading appraisal review tool. It analyzes appraisals against appraisal industry guidelines and any customized appraisal review rule set, and provides numerical scores in the categories of compliance, credibility and complexity, as well as the appraisal's overall performance.
"We were very pleased with our proprietary QC technology, but after taking a hard look at Platinum Data's RealView product we saw opportunity to enhance our systems," said O'Grady. "Platinum has been a great partner, working with our engineers to customize a solution to meet the needs of our clients."
Pro Teck embedded RealView in its proprietary Appraisal Platform – giving appraisers the insights needed to address any appraisal issues before submission. This includes hard-stops and making sure that the appraiser's commentary explains all exceptions identified.
"We've made the tool appraiser facing and took advantage of some unique functionality that RealView provides, like ranking comps/additional market sales and identifying discrepancies between what is being submitted and prior appraisals or public records on the same property," said O'Grady.
Pro Teck's Internal Appraisal Review team then uses the same RealView information during review, creating a paper trail of issues and resolutions on the appraisal file that can be provided for audit or regulator/investor inquiries. This includes capturing Review Staff commentary and approval of all exceptions. The result – Pro Teck delivers the cleanest appraisal possible with additional data to support your QC efforts, including risk scores, giving you the opportunity to route higher-risk appraisals to your most experienced staff.
"We are able to provide our clients with a QC Summary Report, highlighting rule exceptions and flags with appraiser and reviewer explanation, eliminating the costly delays typical of underwriter appraisal disputes and investor push backs," said O'Grady. "Being able to provide a full paper trail of the process is a great advantage for our clients who need to provide this level is transparency and proof to their regulators."
Pro Teck's Intelligent Quality Control is the proactive appraisal review process that addressed issues before submission. How much time could you save if the majority of issues were caught before submission? How many headaches could you solve if you had a full paper trail to satisfy regulators?
About Pro Teck Valuation Services
Pro Teck Valuation Services is a national provider of residential real estate valuations. For more than 30 years, we have worked with lenders, loan servicers and investors to improve risk management through superior real estate collateral information. Pro Teck offers a comprehensive suite of services including real estate data and analytics, field valuations, review/due diligence and appraisals. Please visit us at www.proteckservices.com.
About Platinum Data Solutions
Platinum Data, "The Appraisal Quality Company," provides technologies that help mortgage lenders, servicers, investors, appraisal management companies and their vendor's value collateral, and identify and manage collateral risk. Its online platform and analytical tools are being used by hundreds of companies to perform due diligence, prevent buybacks and protect billions of dollars in assets across the U.S. The company's RealView system pioneered computer-assisted appraisal underwriting. For more information, visit PlatinumData.com.
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SOURCE Pro Teck Valuation Services