Credit Union Adopts Collateral Valuation Report

Posted by Orb Staff on April 09, 2010 No Comments
Categories : Residential Mortgage

San Jose, Calif.-based AppraisalWorld, a valuation services portal and solutions provider, has announced that Santa Clara, Calif.-based Key Point Credit Union will begin using the Collateral Valuation Report (CVR) product offered by AppraisalWorld, the valuation solution provider reports.

The CVR is a valuation performed by local appraisers who trained in real estate regression analysis. The product is more comprehensive than a broker price opinion but less intricate than a traditional appraisal, AppraisalWorld says.

Key Point's mortgage manager, Chris Greulich, says the CVR has a variety of uses, including for home equity lines of credit and appraisal reviews.

‘It really more closely resembles a full-fledged [Uniform Residential Appraisal Report], but without the interior inspection rather than an improved BPO,’ Greulich says.

SOURCE: AppraisalWorld

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