Anyone can copy the checks. Nobody can copy the evidence. How pooled exits turn a published check list into calibrated thresholds — and why no single lender's files could do it alone.
One lender might see an appraiser four times a year. Twelve lenders in one state see that same appraiser ninety times. The checks are open — anyone can read them. The thresholds aren't. Those numbers will come from pooled appraisals matched against actual sale prices, and they can't be derived from anything smaller. Files stay with whoever owns them; only derived statistics cross the line.
Percentage of incoming appraisals where we have enough history on that specific appraiser to calibrate their work. More lenders in the network means better coverage for everyone — and there's no shortcut to building it.
Lenders send appraisals for review — we extract the address and ARV. When those properties eventually sell, we capture the outcome from public records and match it back to the original appraisal. Now we can ask: which patterns predicted the miss? Stale comps, high adjustments, scope gaps — that is where we will measure which flags actually correlate with ARV shortfalls, and by how much.
That's the calibration. The moat isn't the logic — it's the feedback loop.
Where this stands today is on the status page. How a threshold moves, and who reviews it, is on the governance page. What the first study will test is in the validation protocol.
RTL-STD-001 v1.0 · published · this page last updated 2 September 2026 · status
The Sphinx standard describes analytical review of an appraisal report. It is not an appraisal, not a valuation, and not a review appraisal under USPAP Standard 3. Outputs are internal analytical inputs for credit decisioning. They are not communicated to appraisers and are not a basis for requesting revision to any report.