Magazine article Mortgage Banking

U.S. Bank Adds Collateral Valuation Report to Product Pipeline

Magazine article Mortgage Banking

U.S. Bank Adds Collateral Valuation Report to Product Pipeline

Article excerpt

Minneapolis-based U.S. Bank announced it will incorporate a new statistically supported appraisal, the Collateral Valuation Report (CVR[TM]) as part of its ongoing efforts to use best-of-breed valuation products for its lending solutions.

St. Paul, Minnesota-based Forsythe Appraisals LLC, an independent provider of residential real estate appraisals in the United States, and Germantown, Tennessee-based Valocity LLC, a nationwide valuations provider, have been selected by U.S. Bank to provide the new CVR appraisal report on a nationwide basis.

The CVR is an innovative, Uniform Standards of Professional Appraisal Practice-compliant (USPAP-compli-ant) appraisal product that incorporates regression analysis performed by the appraiser to support the value conclusion. The valuation report and software were developed by Bradford Technologies Inc., San Jose, California, as part of its suite of Appraisal World [tm] services for appraisers, appraisal management companies (AMCs) and lenders.

Forsythe Appraisals, Valocity and Bradford Technologies have partnered to provide the CVR as a more reliable alternative to broker price opinions (BPOs) and automated valuation models (AVMs), which typically require little or no appraiser interaction.

Tony Pistilli, U.S. Bank's chief retail appraiser for consumer banking risk management, noted that the CVR's attractiveness to U.S Bank is its accuracy and reliability. "We believe the CVR will provide a more accurate and more reliable valuation with additional analytical features compared to anything else currently in the marketplace. …

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