Sphinx is a product of Collateralized LLC ("we," "us," "our"). Sphinx provides findings on the appraisals behind residential transition loans. We analyze appraisal documents and produce findings that identify potential issues with reported values, comparable selection, and scope of work.
Sphinx is not an appraisal. Our findings are analytical review — not a valuation, not an appraisal, and not a USPAP Standard 3 review appraisal. They do not replace the judgment of a licensed appraiser or your own underwriting process.
Findings inform your decisions. Use them to decide whether to proceed, adjust loan terms, request reconsideration of value with market data, or order a new appraisal. But the Sphinx report itself is internal analysis — do not share it with appraisers or use it to pressure changes to reported values.
The Sphinx Standard, our methodology, and our software remain our property. Your appraisal data and findings belong to you. By using Sphinx, you grant us a license to process your data to provide and improve the service.
Sphinx findings are provided "as is." We do not guarantee that every issue will be caught or that our value estimates will match final sale prices. Our liability is limited to fees paid in the preceding 12 months.
We may update these terms. Material changes will be communicated via email at least 30 days before taking effect.