Appraisal management and mortgage lending software provider ValuTrac Software and collateral valuation and risk assessment firm Platinum Data Solutions have entered into a partnership to integrate their products to create an all-in-one appraisal management and review platform.
As part of their partnership, the two companies will integrate ValuTrac’s ValuTrac Pro appraisal management system with Platinum’s RealView appraisal data quality verification to provide mortgage lenders and appraisal management companies a single solution for managing workflow, ensuring compliance, and mitigating risk in the appraisal review process, the companies said in an announcement.
ValuTrac Pro is a customizable appraisal management system that streamlines appraisal workflow, producing efficiencies by creating a single repository for all appraisals, streamlined web-based appraisal ordering, real-time appraisal status, automated status notifications, and appraiser selection.
RealView verifies each field on an appraisal report against a comprehensive database derived from Platinum’s network of public and private data sources. The system covers thousands of business rules and appraisal review guidelines, the companies said.
ValuTrac said its customers will now have the ability to deploy custom appraisal review rule sets and receive public record data such as local sales, listings, and pending sales that will provide additional insight on market trends for their local areas.