Bradford Technologies, a provider of computer-aided appraising technology, on March 30 announced the release of its advanced appraisal analytics software, Redstone. Developed specifically to address the challenges appraisers face with new appraisal review programs, Redstone helps appraisers quickly analyze property and market data and produce an appraisal addendum with analytics that support a stronger and more transparent appraisal.
In the wake of Fannie Mae’s Collateral Underwriter risk-assessment application, appraisers have been tasked with providing greater detail and support for their adjustments and the comparables used in their appraisal reports. Collateral Underwriter leverages an extensive database of property and market data along with proprietary analytical models to analyze appraisals with a heightened risk of quality issues, overvaluation and property eligibility of policy compliance violations. Bradford’s Redstone software analyzes the vast amounts of data that is available to appraisers in a similar way to the review tools to provide appraisers the market intelligence they need.
The new Redstone software will allow appraisers to import data from their chosen MLS providers as well as public record data and aerial imagery. Bradford Technologies has streamlined the process of setting up the MLS import by mapping more than 950 MLS systems, and new systems steadily are added to save appraisers from the task of field mapping. Redstone then is able to import and process volumes of data faster than an appraiser can using traditional methods. This increase in processing power provides the appraiser with near instant overview of the market area statistics. Appraisers can rank the comparables to be used for Redstone’s regression analysis to determine predicted values and support their adjustment values. Included with the ranking of the market’s comparables is the ability to include commentary that will communicate to reviewers the rationality in the ranking and influences.
At the conclusion of the market data import, comparable ranking/commentary and regression analysis, Redstone 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 produces the 1004MC Market Conditions addendum for inclusion in the appraisal, which saves time in the preparation of the report.
Redstone seeks to provide appraisers access to the latest technology to analyze more information, more quickly to produce appraisals with greater analytical support and transparency, the result being stronger appraisals that do not require additional communication to fix errors or risk flags.
Redstone is available for use by appraisers. There is no charge to download the software from Bradford Technologies’ website. Redstone Appraisal Analytics addenda are $5 per analysis.