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.