U.S. Bank, the nation's fifth-largest bank, says it will start to incorporate Collateral Valuation Report (CVR) as part of its valuation products for its lending solutions.
Forsythe Appraisals LLC, an appraisal provider, and Valocity LLC, a valuations provider, have been selected by U.S. Bank to provide the new CVR appraisal report on a nationwide basis.
The CVR is a Uniform Standards of Professional Appraisal Practice-compliant product that incorporates regression analysis performed by an appraiser to support a value conclusion. The valuation report and software were developed by Bradford Technologies Inc., headquartered in the Silicon Valley, as part of the company's suite of AppraisalWorld Services for appraisers, appraisal management companies and lenders.
"The value of the CVR is seen as a better way to ensure objectivity and to deliver a valuation with a minimum of valuation bias,” says Tony Pistilli, U.S. Bank's chief retail appraiser for Consumer Banking Risk Management.
Forsythe Appraisals, Valocity and Bradford Technologies say they have partnered to provide the CVR as an alternative to broker price opinions and automated valuation models.
