U.S. Bank, the nation’s fifth largest bank, has announced that it will start to incorporate a new statistically supported appraisal, the Collateral Valuation Report (CVR) as part of its ongoing efforts to use best-of-breed valuation products for its lending solutions. Forsythe Appraisals LLC, an independent provider of residential real estate appraisals in the United States and Valocity LLC, a nationwide valuations provider, have been selected by U.S. Bank to provide the new CVR appraisal report on a nationwide basis.
The CVR is a USPAP-compliant appraisal product that incorporates regression analysis performed by the appraiser to support the value conclusion. The valuation report and software was developed by Bradford Technologies Inc., headquartered in Silicon Valley, as part of their suite of AppraisalWorld Services for appraisers, appraisal management companies and lenders.
Forsythe Appraisals, Valocity and Bradford Technologies have partnered to provide the CVR as a much more reliable alternative to Broker Price Opinions (BPOs) and Automated Valuation Models (AVMs) which typically require little or no appraiser interaction.
“We believe the CVR will provide a more accurate and more reliable valuation with additional analytical features compared to anything else currently in the marketplace," said Tony Pistilli, U.S. Bank’s chief retail appraiser for consumer banking risk management. "The value of the CVR is seen as a better way to ensure objectivity and to deliver a valuation with a minimum of valuation bias."
“Obviously we’re thrilled to be working with U.S. Bank to provide products and services that meet a broad range of lending needs," said Tim Forsythe, chief executive officer of Forsythe Appraisals. "We anticipate it being a real help to them and hope that we can provide the CVR solution for other needs in the future. Valuations based on regression analysis performed by appraisers who are the local market valuation experts is the way all appraisals in the future will be performed. We are enthusiastic about leading the industry alongside U.S. Bank."
For more information, visit www.usbank.com or www.forsytheappraisals.com.