Bradford Technologies has introduced a new solution that will help appraisers address the challenges they face with new appraisal review programs, including Fannie Mae's new Collateral Underwriter (CU) system.
The company says its new Redstone solution will help appraisers quickly analyze property and market data and produce an appraisal addendum replete with analytics that support a stronger and more transparent appraisal.
This is important, as appraisers have been tasked with providing greater detail and support for their adjustments and the comparables used in their appraisal reports.
Fannie Mae's new CU system leverages an extensive database of property and market data along with proprietary analytical models to determine the level of risk in an appraisal with regard to quality issues, overvaluation, and property eligibility of policy compliance violations. The system renders a risk score for each appraisal that is reviewed.
Bradford Technologies' new Redstone solution does basically the same thing as CU only it draws on a slightly different set of data. As such, it gives appraisers the market intelligence they need to avoid the harsh scrutiny from automated review tools.
Appraisers can import data from their chosen MLS providers as well as public record data and aerial imagery. The importing of MLS data has been simplified as Bradford has completed mapping with more than 950 MLS systems and is adding new ones.
Using the solution's analytics capabilities, an appraiser can get a near-instant overview of the market area statistics and can rank the comparables as needed. Appraisers can also include commentary in order to provide the rational for the ranking and influences.
At the conclusion of the market data import, comparable ranking/commentary and regression analysis, Redstone produces an appraisal report addendum in PDF format that can be attached to an appraisal. In addition, the system automatically produces the 1004MC Market Conditions addendum for inclusion, which saves time in the preparation of the report.
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