Skip to main content

United Mortgage Services Expands Its Offerings With New Collateral Valuation Report

NationalMortgageProfessional.com
Mar 09, 2011

United Mortgage Services (UMS), a national full-service residential valuation company headquartered in Salt Lake City, Utah, has announced that it will be offering its clients the new Collateral Valuation Report (CVR). The CVR, developed by Bradford Technologies, is a unique valuation product that is as accurate as a traditional appraisal, but can be produced quicker and at a lower cost. Expanding its service offerings to include the CVR allows United Mortgage Services’ franchise affiliates to further expand and diversify their client base, in addition to better meeting their existing clients’ on going needs of reducing risk and expediting overall process times. “Lenders are beginning to realize the financial risks of using real estate agents and brokers to provide property valuations,” said Mark Megehee, chief executive officer of UMS. “The CVR doesn’t carry those risks because it is performed by rigorously trained, independent, state-approved appraisers with thousands of hours of local experience. This product will be a big risk reducer for the lending community.” The CVR is a statistically supported property appraisal report that incorporates regression analytics. Up to 500 sales with a three-year sales history may be analyzed during this process. The report may only be completed by a licensed and trained appraiser using Bradford Technologies’ new computer-aided appraisal software. The most recent version of the CVR, to be released in March, now includes an interior inspection option. It is a fully compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) summary appraisal report. The CVR, with its high accuracy and low cost, is especially valuable right now as immense numbers of delinquencies and foreclosures have made it difficult for lenders and servicers to quickly, efficiently and economically complete their loss mitigation and foreclosure processes. One of the most time consuming, costly and risky—but necessary—steps is valuing each property. Inaccurate values can cost lenders tens to hundreds of thousands of dollars, sometimes more. Prior to the CVR, lenders and servicers only had the choice of broker price opinions, which are fast, low-cost valuations with low accuracy, or traditional appraisals, which can be highly accurate but are time-consuming and expensive. “The CVR is a game-changer in that it offers speed and accuracy at a lower cost and is produced by an appraiser with local market knowledge. There is no other product like it on the market today,” said Jeff Bradford, chief executive officer of Bradford Technologies. For more information, visit www.unitedmsllc.com, www.bradfordsoftware.com or www.appraisalworld.com.
Published
Mar 09, 2011
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Industry News
Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Industry News
Jan 26, 2023
Housing Prices Across Texas Likely Hobbled In 2023

But you’re getting a lot less for $1 million

Industry News
Jan 23, 2023
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Operations
Jan 09, 2023