*Appraisal Innovation Spotlighted*
**By Tony Garritano**
***As we gear up for our Innovations Event this Sunday, I thought I might take this time to talk about possible future innovators. In this case, Bradford Technologies, a provider of valuation analytics for appraisers, has launched CompCruncher 3, the third generation of the technology that introduced statistical analysis into collateral valuations with the highly acclaimed valuation product, CVR (Collateral Valuation Report). Here’s why I think this is significant:
****CompCruncher 3 introduces several industry-first innovations, including seamlessly incorporating statistical support into traditional appraisal products and auto-generating appraisal reports, such as the 1004, with a single click. CompCruncher 3 is the industry’s first computer-aided appraising technology.
****With the original CompCruncher, statistical support was only available in the CVR appraisal. The new version enables statistical analysis to be used in traditional appraisals. CompCruncher 3 introduces a new “S” designation for appraisal reports, such as the 1004S and 2055S. This designation signifies that the appraisal has a statistically supported value derived by analyzing hundreds of properties, rather than the three comparables typically used to support a traditional appraisal. The “S” designation in a 1004S or 2055S will help appraisers to quickly differentiate their superior, statistically supported appraisals from traditional appraisals.
****CompCruncher 3 offers the industry’s first and only single-click population of appraisal forms, generating a 100% USPAP- and UAD-compliant appraisal report in seconds. CompCruncher 3’s form filling engine eliminates the appraiser’s tedious and time-consuming form filling tasks, saving appraisers hours of time that can now be allotted to higher yield activities. The system automatically generates all the analysis documentation for the appraiser’s work file to ensure compliance with USPAP guidelines.
****“CompCruncher 3 adds the statistical analysis that increases an appraisal’s accuracy while dramatically reducing the time it takes to complete the assignment,” said Jeff Bradford, CEO of Bradford Technologies. “For lenders, that means lower risks with a more reliable appraisal. For appraisers and AMCs, it means delivering a superior product in less time.”
****With the original CompCruncher, appraisers were required to complete rigorous training in applied regression analysis to create the CVR. That training is no longer required. CompCruncher 3 has made the analysis so intuitive that statistics can now be applied effectively by all appraisers, with minimal training and instruction. CompCruncher 3 is easy to use because it guides the appraiser through the valuation process in a structured, methodical workflow. At each step of the process, special “worksheets” are used to automatically analyze the different facets of the market and subject property. All worksheets are part of the appraiser’s work file. They fully document the entire appraisal process and the due diligence that was performed in arriving at the value conclusion, which can help appraisers rigorously support their value conclusions if needed.
****“CompCruncher 3 is empowering appraisers with the tools they need to overcome some of the biggest challenges they’ve seen since the mortgage crisis, including staying compliant and increasing their earnings,” said Bradford. “This is a big milestone for appraisers. We’re happy to be launching the industry’s first computer-aided appraising technology.”
****I’m always excited to talk about future industry innovation. If you haven’t already, RSVP HERE to attend our Innovations Event this Sunday, April 14 in Hollywood, Florida. We’ll be naming the top innovations of the last year. Attendance is free and the party starts at 7 p.m. I hope to see you there. It’s going to be a night to remember!
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.