Minneapolis-based U.S. Bank, the fifth largest commercial bank in the United States, recently announced that it will start to incorporate the new Collateral Valuation Report (CVR) into its product pipeline for lending solutions.

The CVR is an innovative, Uniform Standards of Professional Appraisal Practice-compliant appraisal product that incorporates regression analysis performed by the appraiser to support the value conclusion. This statistically supported valuation report was developed by Bradford Technologies, Inc., headquartered in Silicon Valley, California, as part of its suite of AppraisalWorld services for appraisers, appraisal management companies, and lenders.

Tony Pistilli, U.S. Bank’s Chief Retail Appraiser for Consumer Banking Risk Management said the CVR’s attractiveness to U.S. Bank is its accuracy and reliability. “We believe the CVR will provide a more accurate and

more reliable valuation with additional analytical features compared to anything else currently in the marketplace,” he said said. “The value of the CVR is seen as a better way to ensure objectivity and to deliver a valuation with a minimum of valuation bias”.

As part of this product incorporation, Forsythe Appraisals, LLC, an independent provider of residential real estate appraisals, and Valocity, LLC, a nationwide valuations provider, have been selected by U.S. Bank to provide the new CVR appraisal report on a nationwide basis. The two firms have partnered with Bradford Technologies to provide the CVR as an alternative to Broker Price Opinions and Automated Valuation Models.

Tim Forsythe, CEO of Forsythe Appraisals, was enthusiastic about broadening his firm’s existing relationship with U.S. Bank and said he was thrilled to be working with U.S. Bank to provide products and services that meet a broad range of lending needs.

“We anticipate it being a real help to them and hope that we can provide the CVR solution for other needs in the future,” Forsythe said. “Valuations based on regression analysis performed by appraisers who are the local market valuation experts is the way all appraisals in the future will be performed.”

Marke Linné, EVP of education and analytics at Bradford Technologies, echoed Forsythe’s sentiments saying, “Transparent statistics will be a part of all appraisals in the future. We are adding science to the art of appraising and we are very pleased that U.S. Bank recognizes the value that statistically supported valuations will bring to their risk analysis and decision-making process.”