FREQUENTLY ASKED QUESTIONS

How can appraisers submit their appraisals to FreeAppraisalReview.com and still be in compliance with the confidentiality section of USPAP's Ethics Rule?

According to USPAP, an appraiser may share confidential information with his or her client, and persons authorized by the client. Most of Platinum Data's lender customers have either directed or authorized their appraisers to submit appraisals to FreeAppraisalReview.com. These lenders have found that this type of pre-screening improves appraisal quality, which saves appraisers and their client's time and money by reducing the instances of correction and revision requests.

Is the appraiser in violation of the confidentiality section USPAPbs Ethics Rule if he or she submits an appraisal report to a third party quality control system without informing the client?

An appraiser who shares confidential information with persons other than the client, without the authorization of the client, may be violating the confidentiality section of the Ethics Rule in USPAP. Appraisers should refer to their assignment-specific engagement agreements, master services agreements, and other specific service agreements that may address this issue, either directly or indirectly, or seek clarification from their client.

If my lender-client is not a client of Platinum Data Solutions, how can I get authorization to use FreeAppraisalReview.com?

We recommend discussing this with your lender client. Many lenders and AMCs expect their appraiser vendors and partners to have some type of quality control screening performed on their appraisals, as a matter of general housekeeping. A "second set of eyes" -- whether via software that conducts spelling or completeness checks, a QC review by another member of the same office, or submission to a third party -- frequently uncovers issues that the author has overlooked, which often happens as the result of being so intimately engaged in the work.

FreeAppraisalReview.com goes far beyond spelling or completeness checks. It screens each report for the most common issues that trigger revision and correction requests. When those revision and correction requests can be avoided, everyone involved saves time and money. This service is designed to save both sides time and money, and it is free.

If your clients want more information about our service, we're here to help. Please have them contact me, Bill King, at 877-711-1200.

Is Platinum Data "mining" my appraisal data?

Platinum Data does NOT keep any personally identifiable financial information on any appraisal submitted to FreeAppraisalReview.com. In the future, with client cooperation, we may aggregate data from appraisals submitted to FreeAppraisalReview.com.

How do you make money on FreeAppraisalReview.com if your service is free?

We don't actually make money from FreeAppraisalReview.com itself. FreeAppraisalReview.com is the free version of a much more sophisticated paid solution sold to our target customer base of mortgage lenders, financial institutions, due diligence providers and appraisal management companies. We are using FreeAppraisalReview.com to further our visibility, opportunities and sales among our target customer base, and to reduce the amount of rework in the appraisal process.