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AppraisalWorld to offer Collateral Valuation Report product

NationalMortgageProfessional.com
May 24, 2010

AppraisalWorld, a software developer and valuation services portal, has announced a focused effort to combat mortgage fraud by educating lenders and servicers on the precarious nature of various valuation methods. As a more reliable alternative to broker price opinions and automated valuation models, AppraisalWorld is providing its Collateral Valuation Report, a transparent, mathematically supportable valuation that is more comprehensive than a broker price opinion, yet and less intricate and less costly than a traditional appraisal. At a time when AVMs are increasingly under scrutiny for their inability to properly value properties, particularly in times of economic uncertainty, the Collateral Valuation Report offers a fraud resistant, more economical alternative to the traditional 1004/URAR report. Two early partners in AppraisalWorld’s anti-fraud program include Forsythe Appraisals LLC, an independent provider of residential real estate appraisals and Valocity LLC, an appraisal management company (AMC) with more than 4,000 appraisers nationally. “Lenders and servicers need an alternative to the often haphazard and dubious valuation methods like BPOs and AVMs,” says AppraisalWorld Chief Executive Officer Jeff Bradford. “The Collateral Valuation Report is the perfect solution. Not only is it a far more credible report, it’s also USPAP-compliant, fully transparent and supportable, plus it’s completed by a trained appraiser with local market knowledge and extensive training and education.”  “Fraud continues to plague the collateral valuation function, and the fact that more than 12 million unregulated BPOs were produced in 2009, and are increasingly used by lenders and servicers simply due to a lack of effective appraisal solutions,” says Mark Linné, executive vice president of AppraisalWorld. “Our industry is in desperate need of reliable and economical ways to address the pervasive issue of mortgage fraud. The emergence of alternative valuation products like the Collateral Valuation Report will redefine our industry by enhancing transparency and credibility for our lenders and service clients.” The Collateral Valuation Report features the most sophisticated tool set ever offered within the lending and servicing marketplace. The Report includes robust data sources from multiple data-partners, local MLS data and a regression-analytics function that allows appraisers to extract very granular data from their local markets. All Reports are completed by local experienced appraisers who have successfully completed rigorous training and testing. “Obviously, we’re thrilled to be working with AppraisalWorld to deliver the innovative CVR for lender and servicer needs on a national level for their portfolio analysis needs," said John Forsythe, president of Forsythe Appraisals. "We anticipate continued success with both national and local lenders and servicers. But what’s equally exciting to me is that this is a way to get work flowing back into the hands of appraisers. The CVR is a way to gain back work for our staff appraisers, and frankly for all appraisers around the country, while simultaneously providing a product to lenders and servicers who clearly need better solutions.” For more information, visit www.appraisalworld.com.
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