Bradford Technologies, a provider of valuation tools and solutions for residential appraisers and parent of the AppraisalWorld online community for appraisers, has enhanced its CompCruncher computer-aided appraisal software to produce statistically supported appraisals that now include exterior property inspections.
CompCruncher is an interactive valuation modeling technology that incorporates regression analysis, empowering appraisers to model and predict property valuations within a local market-not by quasi-analytical evaluation, but with statistical accuracy. The software produces a USPAP-compliant, innovative appraisal product called the Collateral Valuation Report (CVRTM). By adding an evaluation of the property's exterior condition the report, Bradford Technologies is spearheading the industry's move toward valuation alternatives that are far more reliable than Broker Price Opinions (BPOs).
"With the difficulties the market has had and continues to have, there's understandably a big focus on accuracy, integrity and quality in appraisals-lenders large and small realize it's only a matter of time before that focus works its way into the 18 million BPOs in the alternative valuation segment as well," said Mark Linné, executive vice president of Bradford subsidiary AppraisalWorld. "The Collateral Valuation Report has long been known for transparency, accuracy and quality. We added exterior evaluations, not because of regulations, but as part of our continual quest to increase quality. With the foreclosure fiasco, many believe that short sales will begin comprising much more of the market. Pricing a short sale too low can cause lenders to lose money, but pricing it too high can increase the likelihood that the home will go into foreclosure. Rather than rely on broker price opinions, a lot of lenders are seeking more reliable alternatives like the Collateral Valuation Report."
Bradford Technologies has established strategic partnerships with some of nation's largest appraisal providers such as Forsythe Appraisals LLC, Valocity, ZDS Zone Data Systems, C&D Appraisal and Review, IRR Residential, Western Valuation, Urban Lending Solutions and Collateral Valuation Research to train their appraisers in applied statistical analysis and become certified CVR Specialists. Some of the nation's largest lenders have already committed to using the Collateral Valuation Report. The nationwide network of CVR Specialists may be found on the CVR Specialist Directory at www.AppraisalWorld.com.
For more information, visit www.BradfordSoftware.com.