Ok follow appraisers, has anyone tried the new Collateral Valuation Report (CVR) or also know as comp Cruncher. Well I have and it is great I really feel like I am Appraising and have all the verification and analysis at my figure tips and easily shown through this report. It is based off of statistics and uses regression analysis.
Lenders view the CVR as a highly attractive alternative to replace BPOs. They are more accurate, more reliable and have a lot of analytical features. These CVRs are good for portfolio loans, default management, alternative loan modification programs.
This report can be done with in hours as most of the data is uploaded through the software. Yes I said within hours. I got it down to about 3 hours total (plus that includes a drive-by). I only do them for ones that are near me and ones with enough data to be able to pull a good regression analysis.
The way it is laid out with the satellite petometry views of each side of the subject, the way all the data is pulled from your MLS and imported in, and all the graphs that are made for you to view. You end up with a regression value, and sales comparison value and a listing value. Three different values show then you pick your opinion based off of those results. The regression supports all adjustments and helps support the sales comparison. Of course the listings are there more for a future outlook. The report looks like it is done by the most professional expects in the industry.
When it comes down to it you make a lot more per hour than an appraisal and it is more enjoyable to do!!! As you know appraisal reports are requiring more and more and more. These reports do the best job to get the job done more efficiently then before.
This is the new thing don't wait and miss out. As U.S Bank is now ordering them. Need a sample report I will send you one.