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.
