Appraisal Scoop

PR: UAD Reference App Now Available for Android, iPhone and iPad

The Revival UAD/Appraisal Reference is the perfect tool to help interpret the newest lender related regulatory changes in the Real Estate Market. UAD stands for the the Uniform Appraisal Dataset and was implemented by Fannie Mae, Freddie Mac, HUD and VA. This app will help you interpret an appraisal and with the tutorials online, help educate you to potential issues with selling or appraising real estate.

Available from the Apple App Store.

Available from Google Android Site.

All the definitions, abbreviations and location on the appraisal, are all at your fingertips. Realtors, Appraisers, Mortgage Professionals, Title Professionals, and individuals financing their homes will find this an essential tool in interpreting the new changes.

Why this app will make your life better:

• Great reference manual for many real estate terms 
• Ability to utilize crucial new data on the go 
• Realtors can be a resource to clients at closing 
• Appraisers can use this as an educational tool for clients 
• All parties in a mortgage transaction benefit 
• AND Maybe, just maybe, this app helps facilitate the sale of REAL ESTATE and helps the market RECOVER.

 

Source: Developer's Website

Bradford Technologies Brings Regression Analysis To Residential Appraisals

First appraisal technology to provide statistical analysis for GSE-approved appraisals

SAN JOSE, CA – MARCH 10, 2012 — Bradford Technologies, an innovator of valuation tools and solutions for residential appraisers and parent of the AppraisalWorld online community for appraisers, has announced the redesign of CompCruncher, its valuation technology used by appraisers to prepare statistically supported valuation reports. One of the major changes is that the system now provides regression-based analysis for GSE-approved appraisals. CompCruncher 2.0 is the industry’s first and only appraisal technology to enable regression analysis for the most commonly used residential appraisal forms.

The original CompCruncher produced Collateral Valuation Reports (CVRs), a highly accurate alternative valuation report. CompCruncher 2.0, however, can be used to create Collateral Valuation Reports as well as traditional residential appraisals on GSE-approved appraisal forms. The process of using CompCruncher will remain largely the same. But once an appraiser uses CompCruncher 2.0 to develop a value, he or she will then be offered the option of choosing the type of report to produce: a CVR, the GSE-approved appraisal form 2055, and soon the appraisal form 1004.

CompCruncher 2.0 is currently in beta testing with several lenders and appraisal management companies. Only certified and trained appraisers can use CompCruncher or CompCruncher 2.0 to create statistically supported valuations of any kind.

“Our lender partners have told us repeatedly that they want to bring the level of reliability they get with the CVR into traditional appraisals—that’s why we created CompCruncher 2.0,” said Jeff Bradford, CEO of Bradford Technologies. “Now every appraisal can benefit from the higher accuracy that results from scientific analysis. Values can be determined based on analysis of literally hundreds of properties, rather than a handful of properties—for 100 percent of the appraisals used in the market.”

More than 2,000 appraisers have been trained to use CompCruncher to prepare Collateral Valuation Reports. Working in concert with some of the nation’s largest appraisal firms, Bradford will be offering no-cost training on CompCruncher 2.0 to current CompCruncher users. The company anticipates that in 2012, it will train 5,000 more appraisers to prepare not only Collateral Valuation Reports, but also statistically supported traditional appraisals. The Collateral Valuation Report is being used by several Top 20 banks.

“Values for an entire multi-trillion dollar industry are being supported by 25-year old valuation methods for an appraisal product that today is quickly becoming a commodity. It’s time for our industry to make some serious changes in the way we value properties,” said Mark Linne, the company’s chief strategic and valuation officer. “We need to move away from the art of appraising and start incorporating science. Most appraisal technologies tout efficiency and speed, but accuracy is where we need to focus—and CompCruncher 2.0 has the ability to bring that accuracy into virtually every residential appraisal in our industry.”

About Bradford Technologies, Inc.
Founded in 1987 and based in San Jose, California, Bradford Technologies has long been recognized as the leader in innovative appraisal solutions. Among the company’s offerings are ClickFORMS™ hassle-free appraisal processing software, the AppraisalWorld online community and services portal for appraisers, and the Collateral Valuation Report (CVR) produced by CompCruncher™, the first statistically supported, USPAP-compliant valuation product. Bradford Technologies is dedicated to building trust and reliability in the appraisal profession and providing leading edge solutions for appraisers, appraisal management companies, lenders and consumers. Bradford Technologies is recognized as a Top 50 Service Provider by Mortgage Technology magazine in 2011. For more information, visit: www.BradfordSoftware.com and www.AppraisalWorld.com.

 

Media Contact
Jeri Yoshida
Strategic Vantage Marketing & Public Relations
[email protected]
310.396.8813

HousingWire: New mortgage technology arrives at MBA - Bradford Technologies

Appraisal software provider Bradford Technologies, software company Schakra and real estate finance tech provider Nasoft * partnered to build a submission service for the new Uniform Collateral Data Portal that is powered by Windows Azure.  [* Nasoft has formerly partnered with Zaio 11/2009]

New requirements from Fannie Mae and Freddie Mac took effect Sept. 1 requiring appraisers to submit electronic property data through the UCDP.

The software from these three companies can merge with existing systems for lenders and appraisal management companies. By synching it up with Windows Azure, the banks and AMCs can then build out, using the cloud-computing software in a Microsoft datacenter.

  Source: HousingWire

YouTube: UAD - The Uniform Appraisal Dataset in TOTAL 2011

Source: http://www.alamode.com/Labs/projects/UMDP/default.aspx

PR - Bradford Technologies Partners with Appraisal Management Company Collateral Valuation Research Inc. For CVR Report Capabilities

San Jose, CA and Scottsdale, AZ – September 21, 2010 – Bradford Technologies innovator of valuation tools and solutions for residential appraisers and Collateral Valuation Research Inc. have partnered together to further expand Collateral Valuation Report (CVR^TM) coverage area throughout North America. 

Over the past two years, the appraisal industry has seen a tremendous amount of change as a result of new lending regulations.  Today, producing a typical Uniform Residential Appraisal Report form can be very involved and a time-consuming way to determine a property’s valuation. 

For HELOCs; appraisal reviews; and property assessment reconsiderations; Bradford Technologies’ CVR^TM is the effective and economical solution to meet the needs of AMC clients.   With statistically supported data, the CVR is leading the industry in valuation reporting.

With over 50 years of combined lending and appraisal management experience, Michael Stapley and his business partner  Kirk Jungbluth, founders of Collateral Valuation Research Inc., instantly recognized the value the CVR presented appraisers. 

“Appraisers could produce as many as four CVRs in the time it would take them to generate just one traditional uniform residential appraisal report (URAR).  For appraisers, focusing solely on CVR reports is not only less stressful, but it eliminates the constant need to be on the road evaluating properties.  More time in the office means more time to generate business.  The CVR provides a tremendous opportunity to combine appraiser skill and experience with new technology that will absorb most of the time related elements that involve data evaluation for the appraisal report. ” 

“To be involved with a company who changed their business model to accommodate the demand for appraisal reports with better accuracy, transparency and affordability delivered in the CVR, validates all the effort we put into developing this report”, said Jeff Bradford, chief executive officer of Bradford Technologies.  

 

“We look forward to our continued partnership with Collateral Valuation Research and their nation-wide network of appraisers,” said Bradford.

 

Bradford Technologies

302 Piercy Road

San Jose, CA 95138

PRESS CONTACT:

Rosalie Berg

Strategic Vantage Marketing & Public Relations

305-971-5352

[email protected]

FREE Valuation Tools and Webinar - Upcoming Hands-On Regression Seminars

You are invited to the second of two FREE regression webinars hosted by David Braun, MAI of AVT.  

It will be August 25th at 2:00 EST.  Click here to register.

To watch the video of Webinar 1: “Introduction to Regression Analysis” 

1) Load the required Webex viewer (click run to load): http://automatedvaluationtools.com/media/nbr2player.msi

 2) Click the following link to watch the video: http://automatedvaluationtools.com/media/Introduction_Regression_Analysis.arf  This webinar is about 40 minutes long.

FUSION, a low end USPAP compliant appraisal and report will be posted on the site very soon.  It is free, but it utilizes updated verions of the Regression+ and the USL Documenter for it to run.  If you purchased either of these products in the past year the updates are free.  If you purchased over a year ago the update will only be $25.00 plus S&H.

Also, an updated Total Solution will posted the week of August 16th.  This will meet the recent FANNIE MAE required changes.  This most recent Fannie requirement is better than using the cumulative listing count, but statistically has some issues.  One sample from each period for the number of listings may produce unreliable results.  The Total Solution for the 1004mc form is now a FREE download.  I guess you will just have buy something else (ha ha). 

 Upcoming Regression Analysis Seminar Chicago, Illinois (October 21-22, 2010) Directions and Hotels Here 

 Two day seminar (14 hours with test, 12 hours without test) Prerequisites: This seminar requires that attendees have basic (beginner) knowledge of MS Excel®. 

This seminar is taught in a computer-lab setting. It presents a unique blend of theoretical knowledge and hands-on case study training. No need to bring your laptop or any software. Your computer will be provided as well as MS Excel® spreadsheet and a demonstration copy of “Regression+ for real estate professionals©” software. 

 At the end of this seminar participants will be able to: 

• Understand how “least squares, straight-line” regression analysis works. 
• Demonstrate an understanding of relevant statistical terminology. 
• Understand how regression analysis relates to appraising and where traditional appraisal techniques and regression analysis overlap. 
• Prepare data for analysis by “scrubbing” it in an Excel spreadsheet. 
• Perform regression analysis of sales data to form an opinion of market value and extract adjustment values. o Utilizing the “Stepwise” method o Utilizing “Dummy Fields” o And, much more. · 
• Recognize the weakness (unreliability) of trending one property component at a time (such as sales price or sales price per square foot). 
• Able to understand the underlying “assumptions” of regression and how to test that these assumptions have not been violated. 
• Able to understand the reliability of the regression analysis results. · Decide if adding regression analysis to your appraisal practice is right for you. 
• If you are a user of appraisals; determine if regression analysis can meet your valuation needs.

Click here for more information.

a la mode Releases DaVinci for iPad

I just wanted to give everyone a heads-up that DaVinci for iPad is now available in the App Store.  You can download it from this link: http://itunes.apple.com/us/app/davinci-for-ipad/id372048588?mt=8. 

Like the first iPhone version, this is a Labs release.  There are some areas we know are still a bit rough around the edges, and in particular the photos handling we're going to revamp quite a bit.  But, you'll definitely get a feel for where we're going with this.

First is the sketcher.  Not only do you have more room to work with your sketch, we've been able to implement a toolbar that makes switching between drawing modes, adding symbols and labels, and defining areas more intuitive.  A new keyboard layout simplifies entering dimensions and drawing lines.  We've added directional arrows to the keyboard that can be used instead of swiping if that feels more comfortable.  And we've also introduced the ability to draw 45 degree walls by either swiping in a diagonal direction or using the corresponding arrow keys, which is a huge time-saver.

 

Data gathering also got a huge boost from the extra screen space in that we're able to show the data entry form, navigation between forms, and the active QuickList on the screen at the same time.  Tapping a QuickList item automatically takes you to the next field and loads the next QuickList.  You'll be amazed how fast you can rip though the data gathering phase.  Even the FieldPad benefitted with all the extra screen space for drawing with your finger.

 

One of the key features of the iPad is that there's no correct or incorrect way to hold it.  DaVinci adopts this philosophy by rotating all screens automatically no matter how you hold it.  So whatever orientation feels most comfortable to use is just fine.

 

Also, just like the iPhone version, you can configure DaVinci for iPad to sync reports, form layouts and QuickLists from WinTOTAL, TOTAL 2010 or DaVinci Mobile Pro.

Give it a try and let us know what you think.  We'd love to know.

Thanks,
Adam Calvery
a la mode, inc.

Calyx Point Integrates a non-AMC Appraisal Firewall - HVCC & FHA Compliant

 Spokane, Wash.-based SharperLending LLC, a provider of appraisal and settlement services technology solutions, says its Appraisal Firewall product has been integrated into San Jose, Calif.-based Calyx Software's Point software. 

Through the integration, Point users can access the Appraisal Firewall valuation technology from within their familiar Calyx Point system. Appraisal Firewall is a non-appraisal management company tool that is Federal Housing Administration- and Home Valuation Code of Conduct-compliant, SharperLending says. 

"The goal of Appraisal Firewall is to lessen the impact of appraisal regulations on lender business, which it does by allowing lenders to keep working with their trusted appraisers while being HVCC and FHA compliant,” says Dave Black, president and CEO of SharperLending. “Now that we’ve worked with Calyx to extend appraisal access into Point, this promotes our focus by allowing Point users to stay in their current [loan origination software] package - further lessening the impact of appraisal regulations.” Learn More 

SOURCES: Calyx Software, SharperLending LLC and MortgageOrb.com

Shake It Off and Step Up! - New Year's Resolutions for Appraisers

Shake It Off and Step Up! - David A. Braun, MAI, SRA

I have a 2010 New Year’s Resolution for the appraisal profession: “Shake it off and step up!”.  I have seen a lot in my 32 years as an appraiser. Take for example this tidbit from the last issue of the Tennessee Association of Realtor’s Newsletter: “A licensed real estate agent can by Tennessee law testify to the value of property for court purposes.” I watched for 10 years as lenders relied on millions of AVMs and Tax cards which did not meet the minimum federal lending regulations. I often feel like I have fallen down the same hole as Alice, and am now in Wonderland. I agree that things are more than a little skewed in the world of the appraiser. However, I continue to say that the little guy (or gal, just a figure of speech) should only worry about what they can change, and not worry about what they cannot change.

I wrote and presented a white paper at the Appraisal Institute National Summer Conference that took place in Washington DC. This paper addressed the shift in lender use from comprehensive appraisals to less costly and quicker collateral assessment products. Here is a small portion of that paper which addresses the appraisal industry’s inability to produce a competitive low cost appraisal product:

"The appraisal industry must never be inept again. Whatever the cost, we must be able to serve our market. If we are to achieve this goal, four objectives must be reached by each appraisal company over the next three years: (1 our work product must improve, (2 the dollar cost per appraisal must be reduced, (3 our turn-around time must be shortened, and (4 we must be able to handle more volume."

This seems quite timely, don’t you think? Did I mention that this conference took place in 1997- over a dozen years ago? It would take a major world recession that started with a housing crash to change the system- No wait that did happen two years ago and lenders are still using BPOs.

Premise Number 1: Our political system is so inefficient that the illogical structure that appraisers work in is not likely to fix itself any time soon. So, if change is to occur it will have to be from within the profession not from without. Appraisers will have to simply shake it off and step up.

My suggestion is for each and every appraiser is to embrace and improve on the proven categories of appraisal best practices:

• Strong Moral & Business Ethics
• Good Judgment
• Professionalism
• Hard Work Ethics
• Knowledge & Training, and
• Automation

The AQB has made a great start for the profession by increasing both the qualifying and continuing education requirements. Each of us can improve on most of the best practices listed above. The good news is that a career is like a long journey, it is not judged by the first few miles. While each of these best practices is important, I feel that the automation of the valuation process and the related knowledge and training continues to be the weakest link in the appraisal profession today. This is not to be confused with modern form filling which has become very efficient over the past decade. It appears the profession is beginning to move in this direction as many appraisers are beginning to learn how to use a spreadsheet.

Click here to continue reading . . .

Video Sneak Peek: a la mode's DaVinci for iPhone coming soon to the Apple App Store

DaVinci for iPhone has been submitted to Apple by a la mode, inc., and they're waiting to hear when it will become available for download on the iTunes App Store (probably week or two).

To promote the pending release of DaVinci for iPhone, a la mode created a really slick commercial that was debuted at the Valuation 2009 trade show earlier this week.

They first announced they were working on DaVinci for iPhone this past Spring.  Since then, it's received a ton of positive response from appraisers, primarily through its page on the a la mode labs

I've been testing the beta version of DaVinci for iPhone for several weeks and I think they've going to have a real winner on their hands.  Watch their YouTube video to see what I mean.