Bradford Technologies, a provider of valuation tools and solutions for residential appraisers and parent of the AppraisalWorld online community for appraisers, has announced the redesign of CompCruncher, its valuation technology used by appraisers to prepare statistically supported valuation reports. One of the major changes is that the system now provides regression-based analysis for government-sponsored enterprise (GSE)-approved appraisals. CompCruncher 2.0 also enables regression analysis for the most commonly used residential appraisal forms.
The original CompCruncher produced only Collateral Valuation Reports (CVRs), a highly accurate alternative valuation report. CompCruncher 2.0, however, can be used to create Collateral Valuation Reports, as well as traditional residential appraisals on GSE-approved appraisal forms. The process of using CompCruncher will remain largely the same. But once an appraiser uses CompCruncher 2.0 to develop a value, he or she will then be offered the option of choosing the type of report to produce: A CVR, the GSE-approved appraisal form 2055, and soon the appraisal form 1004.
CompCruncher 2.0 is currently in beta testing with several lenders and appraisal management companies (AMCs). Only certified and trained appraisers can use CompCruncher or CompCruncher 2.0 to create statistically supported valuations of any kind.
“Our lender partners have told us repeatedly that they want to bring the level of reliability they get with the CVR into traditional appraisals—that’s why we created CompCruncher 2.0,” said Jeff Bradford, CEO of Bradford Technologies. “Now every appraisal can benefit from the higher accuracy that results from scientific analysis. Values can be determined based on analysis of literally hundreds of properties, rather than a handful of properties—for 100 percent of the appraisals used in the market.”
More than 2,000 appraisers have been trained to use CompCrucher to prepare Collateral Valuation Reports. Working in concert with some of the nation’s largest appraisal firms, Bradford will be offering no-cost training on CompCruncher 2.0 to current CompCruncher users. The company anticipates that in 2012, it will train 5,000 more appraisers to prepare not only Collateral Valuation Reports, but also statistically supported traditional appraisals. The Collateral Valuation Report is being used by several Top 20 banks.
“Values for an entire multi-trillion dollar industry are being supported by 25-year old valuation methods for an appraisal product that today is quickly becoming a commodity. It’s time for our industry to make some serious changes in the way we value properties,” said Mark Linne, chief strategic and valuation officer for Bradford Technologies. “We need to move away from the art of appraising and start incorporating science. Most appraisal technologies tout efficiency and speed, but accuracy is where we need to focus—and CompCruncher 2.0 has the ability to bring that accuracy into virtually every residential appraisal in our industry.”
