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Forsythe Appraisals and AppraisalWorld Partner to Train Appraisers Nationwide to Produce New Collateral Valuation Report.

ST. PAUL, Minn. & SAN JOSE, Calif. -- Forsythe Appraisals, LLC, the largest independent provider of residential real estate appraisals in the United States, and AppraisalWorld, an industry leader in appraiser productivity solutions, jointly announced that they are partnering on a nationwide initiative to train residential real estate appraisers in the use of AppraisalWorld's groundbreaking new Collateral Valuation Report (CVR(TM)).

The CVRis an innovative, USPAP-compliant valuation product that can only be completed by a licensed or certified residential real estate appraiser who has local market knowledge and has completed AppraisalWorld's rigorous product training program. The training instructs them on proper use of the powerful analytics that drive the product.

"Simply put, CVRs are far superior to automated valuation models or broker price opinions," stated Jeff Bradford, CEO of AppraisalWorld's parent company Bradford Technologies. "This is because the CVR is built on absolutely the most robust set of data, including public records, MLS, REO information, listings, flood, aerial imagery, market statistics, and appraiser-driven regression modeling which happens right down at the neighborhood level. No other product even comes close to delivering the features and benefits of a CVR."

AppraisalWorld has already trained CVR appraisers in the top 100 cities, and has begun training Forsythe's branch managers in major metropolitan areas throughout the United States. It is also planning to train all 250+ Forsythe staff appraisers across the US. Because the product is so comprehensive, an extensive training process is required prior to producing "live" CVRs

The CVR education course includes a total of 7 video modules, each lasting up to 30 minutes on statistics, with a rigorous exam meant to ensure knowledge of variance and normal distribution, descriptive and inferential statistics, and regression analysis. This is followed by a thorough overview of the software application that drives report output, including 10 sample reports and production of 10 full-fledged CVRs in the appraiser's home market. The training can be completed at the appraiser's own pace.

John Forsythe, SRA, President of Forsythe Appraisals, is extremely enthusiastic about CVRs not just from the company's business perspective, but also from a more general point of view of how this can help the industry and benefit appraisers. "We're so pleased to be involved and ramping up training for our entire staff of more than 250 full-time employee appraisers," he said. "It's my firm belief that appraisals, whether it's a full, on-site interior and exterior home appraisal, or a desktop product like the CVR, is an appraiser's job. AVMs and BPOs serve a purpose, but appraisers spend countless hours in education and then several years in understudy as trainees before they can become licensed or certified," he noted. "The CVR is a product that provides all of the information that can be had from an AVM or BPO, and then takes it to the next level with a tremendous amount of additional data and detailed information which is provided by a knowledgeable and trained real estate appraiser. If you want the best and most useful desktop appraisal product in the industry, then you want a CVR. And if you want a CVR, then it has to be produced by a licensed or certified appraiser. That's why I'm so enthusiastic about this."

Alan Hummel, SRA, Senior Vice President and Chief Appraiser at Forsythe echoed Mr. Forsythe's sentiments. "Of course we are excited to partner with AppraisalWorld on the nationwide CVR training and product rollout. What is most exciting is that it's yet another way to keep appraising homes in the hands of appraisers. It's a tool that helps keep our profession at the forefront of all types of appraisal work. At the end of the day, producing high-quality, valid, fact-based appraisals, even ones done primarily from the desktop such as the CVR, works to the greater benefit of appraisers, lenders, homeowners--everyone who is involved in the process."

The primary test market for the CVR is Florida, where Forsythe already has fully trained and CVR-ready appraisers. However, a swift rollout from there is planned, with the goal being to have upwards of 4000 CVR-trained appraisers to effectively service the entire country.

For more information on the CVR contact Alan Hummel at Forsythe Appraisals (651-765-9512) or Mark Linne at AppraisalWorld (303-995-0899)

About Forsythe Appraisals

Since 1940, Forsythe Appraisals, LLC has built a reputation based on a legacy of delivering legendary customer service and the highest quality appraisals. The firm's long-standing commitment to an appraiser-staff model ensures quality and consistency throughout the organization and continues to attract and retain the highest caliber appraisers in the industry. With branch offices strategically located from coast to coast, serving more than 40 metropolitan areas, Forsythe Appraisals offers more on-staff appraisers than any other independent appraisal company in the country. And through its wholly owned subsidiary Valocity, the company can provide appraisal services in all 50 states. For more information visit www.forsytheappraisals.com.

About AppraisalWorld

AppraisalWorld is the innovative online community that provides valuation professionals the resources and opportunities to recapture the alternative valuation market. The company has declared war on BPOs with its powerful software CompCruncher[TM] and its statistically supportable CVRTM report for appraisers and lenders. AppraisalWorld is focused on building strong relationships with lenders and valuation partners to develop tools and opportunities for appraisal professionals. For more information visit www.appraisalworld.com.
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Publication:Business Wire
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Date:Jan 29, 2010
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