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Bradford Technologies has released their appraisal analytics software—Redstone, developed specifically to address the challenges appraisers face with new appraisal review programs. Redstone helps appraisers quickly analyze property and market data and produce an appraisal addendum replete with analytics that support a stronger and more transparent appraisal.
In the wake of Fannie Mae’s Collateral Underwriter risk assessment application, appraisers have been tasked with providing greater detail and support for their adjustments and the comparables used in their appraisal reports. Collateral Underwriter leverages an extensive database of property and market data along with proprietary analytical models to analyze appraisals with a heightened risk of quality issues, overvaluation, and property eligibility of policy compliance violations. Bradford Technologies’ Redstone software analyzes the vast amounts of data that is available to appraisers in a similar way to the review tools to provide appraisers the market intelligence they need to avoid the harsh scrutiny from automated review tools.
The new Redstone software will allow appraisers to import data from their chosen MLS providers as well as public record data and aerial imagery. Bradford Technologies has streamlined the process of setting up the MLS import by mapping more than 950 MLS systems, and new systems are steadily added, to save appraisers from the tedious task of field mapping. Redstone is then able to import and process great volumes of data faster than an appraiser can using traditional methods. This increase in processing power provides the appraiser with near instant overview of the market area statistics. Appraisers can rank the comparables to be used for Redstone’s powerful regression analysis to determine predicted values and support their adjustment values. Included with the ranking of the market’s comparables is the ability to include commentary that will communicate to reviewers the rationality in the ranking and influences.