SAN JOSE, Calif. & SALT LAKE CITY--(BUSINESS WIRE)--United Mortgage Services, a national full-service residential valuation company headquartered in Salt Lake City, 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 Collateral Valuation Report 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, CEO of United Mortgage Services. “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 Collateral Valuation Report 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 Collateral Valuation Report, 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 Collateral Valuation Report, 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 Collateral Valuation Report, 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, CEO of Bradford Technologies.
About United Mortgage Services
United Mortgage Services is located in Salt Lake City, Utah. They partner with appraisers to provide lenders with the best valuation services possible. Since its inception the company has been built around honesty and integrity. Both clients and partners applaud the unparalleled service and support they receive from UMS. To learn more about their CVR services go to www.unitedmsllc.com/AlternativeValuations.aspx
About Bradford Technologies
Bradford Technologies, located in Silicon Valley and serving the appraisal industry for over 24 years has long been recognized as the leader in innovative appraisal solutions. From its hassle-free appraisal processing software, ClickFORMS to its new online community and services portal AppraisalWorld, Bradford Technologies is dedicated to building trust and reliability in the appraisal profession and providing cutting edge solutions for appraisers, appraisal management companies, lenders and consumers. It’s most recent innovation is a statistically supported, USPAP compliant appraisal, the Collateral Valuation Report (CVR), along with a complete statistics education and training course to teach and certify appraisers in the science of real estate valuation and market analytics. With these tools, the company’s clients are powerfully positioned to meet the needs of the valuation marketplace. For more information, visit: www.bradfordsoftware.com and www.appraisalworld.com.