RPS’ data-driven Automated Value Assurance (AVA) validates the accuracy of the appraised value and its supporting appraisal report for financial institutions, like lenders, servicers or mortgage insurers. The solution helps them answer one challenging yet critical question for the industry: Is the appraised value provided in the report accurate and well supported?
Using industry leading big data software, RPS is able to intelligently apply 120 complex rules to over 500 appraisal report fields. We generate a score out of 1,000 (the higher the number, the higher the accuracy), which acts as an easy and quick way to assess the accuracy of the appraised value. As well, we flag any outlier reports for further analysis may be required, along with the reason. The review can be done by RPS’ experts and/or your staff.
This new level of independent due diligence and business intelligence empowers users to have better supported discussions with consumers, front-line staff, executives, the board of directors, investors, and regulators regarding the quality and accuracy of a financial institution’s property appraisals. It also allows for increased throughput and triaging of outlier appraisal files, the reduction of “noisy” appraisal files with value validation scores, and assurances that every value has been reviewed, assessed and analyzed. Importantly, financial institutions are enabled to maintain and implement a framework for critically reviewing and effectively challenging the assumptions and methodologies underlying property appraisals, consistently and objectively.