A new software package released by Bradford Technologies Inc. helps appraisers quickly analyze property and market data and produce a stronger, more transparent appraisal addendum.
It’s arrived at an opportune time, when appraisers are being asked to provide greater detail and support for the comparable listings (comps) and other data contained in their appraisal reports.
Since the rollout of Fannie Mae’s Collateral Underwriter risk assessment application, appraisers have been grappling with the application’s database of property and market data and proprietary analytical models that analyze appraisals for a number of quality control issues, Bradford Technologies said. In response, the Silicon Valley company developed Redstone, which analyzes the vast amount of data available to appraisers in a similar way to Collateral Underwriter, but gives appraisers the market intelligence they need to avoid the harsh scrutiny of automated review tools.
Using Redstone, appraisers can import data from their chosen multiple listing service, public data and aerial imagery, then rank comps to determine predicted values and to support their adjustment values. The software includes a feature that allows appraisers to provide commentary to explain to reviewers how they arrived at their rankings.
Redstone also produces an appraisal report addendum in PDF format that can be attached to an appraisal produced by any of the current form-filling appraisal programs. Additionally, Redstone automatically produces the 1004MC Market Conditions addendum for inclusion in the appraisal, which saves a considerable amount of time in the preparation of the report.
Redstone is available for immediate use by appraisers. There is no charge to download the software from Bradford Technologies’ website, appraisalworld.com. Redstone Appraisal Analytics addenda are priced at $5 per analysis.
Founded in 1987 and based in San Jose, California, Bradford Technologies is considered a pioneer in the development of analytical appraisal software.