What can a CVR be used for?

Lender and other user may use CVR's for their alternative valuations. The CVR is an excellent alternative to the Broker Price Opinion (BPO).  Here are some examples to illustrate the many uses of the CVR.

• Bail Bondsmen
• Asset Valuation
• REO portfolio management
• REO listing price valuation
• BPO replacement

How is a CVR prepared?

A CVR is a desktop report completed by an certified appraiser using a variety of online data sources such as WPMLS, public assessment records, flood data, census data, and aerial pictography.  If requested by the client, an exterior drive-by inspection of the subject, or a full interior/exterior inspection can be performed for an additional fee. The inspection can be used to confirm the conditio of the property.

Click here for sample CVR CVR_Brochure.pdf

Why a CVR versus a BPO?

A Broker Price Opinion is an estimate of listing price completed by a Real Estate Agent, this product although lower in price than a traditional appraisal, generally does not contain the property description, market trend analysis, and valuation conclusion that is needed for a reliable property valuation. The CVR was designed to provide the lending/REO community with an appraiser produced product with accurate property information, market trends analysis and value conclusion that is needed for valuation purposes. In many states BPO's are illegal and strictly prohibited from being used in the lending process.

How much does a CVR cost?

For a desktop CVR report with no inspection of the subject the fee is $125.00.

For a CVR with an exterior drive-by inspection of the subject the fee is $150.00. 

For a CVR with an interior/exterior inspection of the subject the fee is $250.00.

What are the key elements a lender should know about the CVR report?

• Replace AVMs, BPOs for portfolio analysis
• USPAP compliant
• CVR turnaround time is usually 24-48 hours
• Complex market and regression analysis creates mathematically supportable values 
• Only licensed and certified appraisers are allowed to create CVR reports

Benefits to the Lender Community

What is in a CVR report? A CVR is a report completed by an appraiser using CompCruncher software. The CVR report analyzes data including assessment records, WPMLS, sales, listings, flood maps, location maps, aerial imagery, market statistics, graphs, charts and appraiser-driven regression modeling at the neighborhood level. The CVR is completed by a local appraiser competent within their local market.

For what other valuation services can the CVR be used? Lenders, loan service companies and any business needing a valuation on a property used for collateral purposes should use the CVR:

Lenders providing a Home Equity Line of Credit (HELOC);--. Pre-foreclosure evaluations;--Portfolio and asset review;-- Refinances;-- Risk Mitigation;-- Pre and Post Funding Quality Control;-- Option-ARM Resets;-- Loan Modifications;-- Review Appraisals;-- Lines of Credit;--or anywhere you might use a BPO or AVM.

Contact Us

Jon Nordquist of Nordquist Appraisal is CVR certified providing Collateral Valuation Reports within the City of Pittsburgh, Allegheny County and some immediate surrounding areas.