Appraisal management company Valuation Link and appraisal technology provider Bradford Technologies have teamed up to launch ACE (Appraiser Certified Evaluation), a new desktop appraisal product that includes a property inspection report and is compliant with Uniform Standards of Professional Appraisal Practice (USPAP) and the Interagency Appraisal and Evaluation Guidelines.
As per a press release, ACE appraisal reports are prepared by licensed, certified appraisers with local market knowledge using statistical analysis and a physical inspection to determine the subject property's value. The companies claim the reports' statistically supported value conclusions are of significantly higher quality than those provided by broker price opinions and automated valuation models, which unlike ACE reports, are not completed by licensed appraisers and don't use regression analysis to help support the value conclusion. ACE reports are also provided at a fraction of the cost of a full appraisal.
The companies claim ACE's low price point, fast turn-around time and compliance with guidelines make it an ideal choice for HELOCs, second mortgages, REO, default management, portfolio analysis and numerous other transactions.
‘For years, lenders and investors have been seeking a compliant, cost-effective way to get a credible property evaluation for their non-first trust deed transactions,’ says Jeff Bradford, CEO of Bradford Technologies. ‘These transactions do not warrant the cost of a full appraisal, yet still require a credible, supportable value. ACE is the industry's answer. It costs less than a traditional origination appraisal, can be completed very quickly and is built on statistical analysis.’
ACE reports are currently available only through Valuation Link. Appraisers can produce an ACE report using Bradford Technologies' CompCruncher software.