Bradford Technologies, a provider of valuation tools and solutions for residential appraisers and parent of the AppraisalWorld online community for appraisers, has announced that the AppraisalWorld national network of CVR Specialists is now integrated with Global DMS’ eTrac appraisal process management software. This integration provides eTrac users with seamless access to a network of licensed appraisers approved to prepare Collateral Valuation Reports, Bradford Technologies’ innovative alternative valuation product. Users may also order, track and manage Collateral Valuation Reports directly through their eTrac systems.
Bradford Technologies’ Collateral Valuation Report is a USPAP (Uniform Standards of Professional Appraisal Practice)-compliant alternative valuation product currently being used by lenders and servicers to determine values for home equity lines of credit, loan portfolio analysis, real estate-owned (REO) sales, loan modifications and more.
eTrac users may begin the process of ordering a Collateral Valuation Report by clicking on the “CVR” button that has been added to the eTrac system. The system then objectively presents a list of appraisers best suited for the transaction, based on county coverage or proximity to the subject property. Users can access each appraiser’s entire credential portfolio with just one click. This portfolio includes authentication of the appraiser’s identity; status of E&O insurance; appraisal license status; samples of standard and complex appraisals; affiliations; resume; valuation specialties; and a map view of the appraiser’s work history, which can include up to the last 1,500 appraisals performed. Once users select an appraiser, they can—with a single click—add the appraiser into the eTrac order management platform’s appraiser panel where they can track and manage the valuation process.
Collateral Valuation Reports utilize regression analysis, a complex technique for modeling and analyzing several variables, to statistically support the property valuation. All Collateral Valuation Reports are completed by a licensed appraiser with extensive training and local market knowledge. Turnaround times for the report range from 24 to 48 hours.
“The more the appraisal industry focuses on increasing accuracy and reliability, the more popular our Collateral Valuation Report seems to become and the more popular our CVR Specialists become,” said Jeff Bradford, chief executive officer of Bradford Technologies. “Lenders are seeing the risks and potential costs involved with inaccurate valuations. They need reliability, but they don’t want to sacrifice speed or economy. With the Collateral Valuation Report, they don’t have to. Now with the integration of the CVR Network into the eTrac Appraisal Process Management Platform, all eTrac users will have easy access to a CVR Specialist and can order a CVR appraisal. It’s a great benefit and value add for all eTrac customers”