While improvements to automated valuation models have dominated much of the recent innovation in appraisal technology, plenty of other advances have been made in the sector. Among them are less-expensive valuation options.
A new collateral valuation report from United Mortgage Services is just as accurate as a traditional appraisal while less costly and more quickly produced, according to a news release Wednesday. The statistically supported report reportedly incorporates regression analytics, analyzes up to 500 sales with a three-year sales history and is completed by a licensed and trained appraiser.
The ValueSure Condition Adjusted announced last month by Lender Processing Services Inc. is reportedly the among the first to comply with the Department of the Treasury's Interagency Appraisal and Evaluation Guidelines. Once an order is placed, a licensed real estate agent physically reviews the property to determine whether or not its condition is standard for the neighborhood.
"Only when the licensed agent has made a judgment as to the property's relative condition can the AVM be processed, and that information is taken into consideration to create a condition-adjusted valuation," LPS stated. "In some cases, the property condition can be so poor as to disallow the use of an AVM at all."
A pairing up between Valuation Partners and Collateral Analytics will improve Valuation Partners' BPO offerings. Valuation Partners reports a network of 10,000 independent fee appraisers and a network of 30,000 real estate professionals in 50 states.
A reliable alternative to traditional AVMs is ValuClear, according to a press release last month from AppraiserLoft. Comparables are hand-selected, the offering usually is provided within the same day and it is priced at a fraction of the cost of a full appraisal or BPO.
New AVMs from Real Info Inc. now include photos and property condition reports completed by Safeguard Properties, a Feb. 15 statement said. The improvements enable lenders to comply with the new interagency guidelines. Real Info's AVM offerings "utilize the knowledge database through rules-based, expert system models to arrive at a predicted market value."
The latest version of a la mode's software is "the fastest, most efficient formfiller ever to address" appraisers' increasingly shorter deadlines, a statement Tuesday said. Dubbed TOTAL 2011, the software promises new time-saving features as requested by appraisers -- including a side-by-side view, built-in flood and census data and QuickBooks integration.
Last month a la mode said that the AMC, JVI Appraisal Division LLC, enhanced its FNC-based appraisal management operations by integrating a la mode's Mercury Network Vendor Management Platform.
And in January, a la mode announced the addition of AXIS Appraisal Management Solutions as a customer.
Late last year, al a mode said its Mercury Network had been fully integrated into the Calyx Point loan origination system.
InHouse Inc., which is an AMC that also provides AMC technology, announced in February that its Connexions appraisal management system now features technology to manage multiple broker price opinion vendors -- including BPO providers, appraisers and real estate agents and brokers.
A new feature in SharperLending LLC's appraisal firewall product enables appraiser to request a fee increase from lenders on jobs that turn out to be bigger than expected after an agreed-upon price has already been set. The enhancement enables better efficiency between lenders and appraisers.
DartAppraisal.com recently released an update to its appraisal tracking system that automatically notifies clients at various stages of the appraisal process. The offering includes instant alerts and frequency customization.
A strategic partnership announced in January between Pro Teck Valuation Services and Collateral Analytics enables the offering of a full suite of real estate valuation services. The move will make AVMs available to Pro Teck customers.