AppraisalWorld has released an expanded version of its Collateral Valuation Report (CVR) to credit unions. The CVR is a streamlined report that AppraisalWorld says includes more detail and accuracy than a broker price opinion but less detail than a traditional appraisal.
Each report is completed by a certified local appraiser who uses AppraisalWorld's CompCruncher technology – an analytic platform that is the result of collaboration with numerous industry data providers that include Microsoft, Pictometry, Veros, Google, LSI (formerly Fidelity) and others.
‘The regression analytics, education and turnkey solution combine to create a powerful solution that distinguishes the Collateral Valuation Report in the marketplace,’ says Jeff Bradford, AppraisalWorld's CEO.
Created to value properties for home equity lines of credit, or in portfolio analyses, reviews or litigation, the CVR has a turn time of roughly 24 hours. The report's processes are transparent, supportable and designed to be completed by a certified appraiser with firsthand knowledge of the local area and neighborhood, AppraisalWorld says.
AppraisalWorld has partnered with independent appraisal company Forsythe Appraisals and appraisal management company Valocity to deliver CVRs to credit unions. Credit unions have the option of using trained appraisers in Forsythe's 42 offices or from the Valocity panel. If a credit union chooses to use its own local appraisers, the appraisers need to obtain the CVR certification in order to provide the reports.