Company News Archive
Deal is reaping benefits
for Veros, Bradford
Companies integrate technologies
they say will benefit appraisers
The Valuation Review - February 14, 2005
The deal between Bradford Technologies and Veros Real Estate Solutions
to integrate the latter's VeroVALUE AVM into the former's ClickFORMS
software is a match that continues to yield dividends, the heads
of both companies said. "This is going very well. I think it
has exceeded our expectations," said Darius Bozorgi, CEO of
Veros. ''We are literally doing hundreds of calls each month and
signing up appraisers for the service. We get a lot of appraisers
calling us and with the deal when they should call Bradford Technologies
and sign up through the ClickFORMS soft ware.''The integration of
Veros' AVM technology means ClickFORMS users can now access and
incorporate the latest in predictive AVM technology, including AVM
reports and associated analytics, into their appraisal reports with
the simple click of a button.
"Rising demand from mortgage lenders and other parties interested
in collateral valuation has led to an increase in the need for expanded
market analysis using all forms of valuation methodologies,"
said Jeff Bradford, president of Bradford Technologies. "Through
our partnership with Veros, we are enhancing the appraiser's ability
to provide additional analysis based on their local area expertise.
This will enable the creation of appraiser validated AVMs and higher
value blended appraisals. AVMs can also be used to jump-start the
appraisers own work by providing a pre-selected list of comps."The
agreement isn't exactly striking fear into competitors who view
this as another opportunity to show valuation professionals exactly
how AVM technology can benefit their business.
"It's further evidence of growing industry acceptance of AVM
technology and how the valuation services market will continue to
rapidly evolve," said Terry Loebs, senior vice president of
Fiserv CSW Inc., which markets CASA,its own AVM. "Fusing elements
of traditional appraisal processes with high quality automated valuation
systems creates synergy that the market will welcome whenever service
execution is sound and pricing makes sense. I think that it also
should help dispel the mythical, but still popular notion that appraisers
and AVM developers are combatants in an epic battle, cast as man
versus machine fighting "till death." As for the deal,
response from the valuation community has been good, Bozorgi said.
"The feedback has really been positive. They understand the
strengths and weaknesses of AVM technology and they generally have
questions about things like coverage, accuracy and the pros and
cons in reference to their areas "geographic is one example
and price tiers is another," he said. "They are using
the product, they are testing it out and evaluating it."And
the appraisers understand the limitations of the AVM, something
that doesn't bother Bozorgi, whose business is AVMs.
"They realize that there is going to be
instances where an AVM is not going to be appropriate, but that's
OK," he said. "That's the whole point of this. That is
part of the larger collateral valuation picture, of which AVMs are
a piece and other collateral valuation options are a part of as
well, including your traditional appraisal products."To promote
the integration and give appraisers the opportunity to evaluate
the new technology, the companies agreed to offer free trial valuations
to every appraiser in America. "We actually have had such a
positive response that we have continued that, Bozorgi said. "Originally,
it was scheduled to run to the end of the year. We've extended that
and are evaluating that on a month-by-month basis."
The integration is offered through Bradford Technologies" ClickFORMS
software and is easy for valuation professionals to tap into. Appraisers
can download a fully functional 30-day trial copy of the ClickFORMS
application from the company's Web site located at www.bradfordsoftware.com.
Access to the trial AVMs is available by contacting Bradford Technologies'
sales department at 1-800-622-8727. By integrating with a well-known
platform, such as ClickFORMS, Bozorgi said it lessens the learning
curve for appraisers.
"We wanted to start tapping into some of the software and distribution
streams that appraisers are already familiar with so there isn't
a learning curve and they don't have to learn a new product and
sign up on a whole new service," he said. "We were seeking
out partners who had the same vision for the collateral valuation
industry that we do."W. David Snook, Real Property Discipline
Governor for the American Society of Appraisers, said he sees agreements
such as the Veros-Bradford venture as a logical progression. "That
is a fairly recent development and there hasn't been a lot of discussion
of it," he said. "On a personal note, it is simply an
ordinary evolution of any new technology in the marketplace.
There are going to be efforts to stretch its application, perhaps
to find new ways in which to use it. That is a natural part of a
free enterprise economy."Still, Snook urged caution to appraisers
who jump on the technology bandwagon, noting that an AVM cannot
take the place of an appraiser's skill and knowledge. "The
people who use it need to do so with the same care they would apply
to any other tool," he said. Bozorgi said hooking up with Bradford
Technologies was a natural fit for Veros.
"Bradford was the first company that we contacted and they
were right in line with our thinking and their software was such
that we could integrate very easily with it," he said. "They
were a perfect partner for us. We are really looking forward to
that expanding over time."Other companies are looking at similar
ventures as a way to gain a competitive advantage.
In January, Real Info Inc, reached a deal with Veros for the resale
of their AVM products. Real Info will be reselling Veros' VeroVALUE
report, while Veros will act as a reseller of Real Info's i-Val
and real Assessment reports.
The partnership will allow both organizations to broaden their product
lines and to provide more options for valuations. "This partnership
is important because it allows us to provide our customers with
more options when choosing an AVM," said James Kirchmeyer,
president of Real Info Inc. The deal opens up more opportunities
for Veros' customers, Bozorgi pointed out.
"We are very pleased to build on our existing relationship
with Real Info,"he said. "Through this partnership we're
excited to be able to provide additional options for customers to
increase control over the selection of quality AVMs that are best
suited for their individual and varying needs."With about a
dozen AVMs on the market, more deals linking offerings and technologies
are likely to sprout up in the coming months.
When it comes to AVM technology and its dissemination throughout
the valuation industry, Bozorgi said agreements similar to the pact
between Bradford and Veros may become more common. "I think
all collateral valuation providers have a good sense of what is
going on," he said. "I think there is a small minority
of providers who are resisting the changes, mostly for economic
reasons."
ClickFORMS is AI Ready Level 2.7 Compliant
San Jose, CA - April 9, 2004
Some of the biggest appraisal clients are requiring AI Ready
compliance, and we are one of only two software vendors that are
2.7 compliant, with support for EVERY AI Ready form. We recently
added support for the two newest forms, ERC2003 and Environmental
Compliance Record. If you need to use AI Ready, please call your
account representative at 800-622-8727 and ask for the Appraisal
World Connection. Both AI Ready and Lighthouse integrators are included.
Check out how the vendors measure up here: www.aiready.com
Bradford
Technologies' ClickFORMS AI Ready
Level 2.6 Compliant
ClickFORMS achieves highest level of compliance with the
AI Ready standard.
San Jose, CA - March 16, 2004
Bradford Technologies, Inc. developer of the new ClickFORMS,
announced today that its appraisal software is compliant with level
2.6 of the AI Ready program through its updated Appraisal World
Connection. AI Ready is an accreditation given to software or services
that comply with the Appraisal Institute XML Residential Property
Data Standard.
Appraisal World Connection was created by Bradford
Technologies in response to lender demands that appraisals be transmitted
in certain data-enabled formats. Appraisal World Connection is designed
to provide the appraiser with a virtually transparent link between
ClickFORMS and his/her client lender, regardless of the required
format, and AI Ready is the latest transmission format to be added.
Achieving level 2.6 compliance means that the latest ClickFORMS
software package incorporates every appraisal form that has been
mapped to the AI XML standard to date.
Bradford Technologies is also involved in the
Mortgage Bankers Association Mortgage Industry Standards Maintenance
Organization (MISMO), which is working on developing XML standards
for the entire mortgage industry. Leveraging an open XML standard
enables appraisers and mortgage originators to electronically communicate
residential property data without having to print and re-enter that
data from one system or format to another. The MISMO property and
appraisal data standard will also be incorporated into Appraisal
World Connection as soon as the specifications are finalized and
released.
"Making ClickFORMS level 2.6 compliant within
the AI Ready program gives our software users an edge, because they've
got the most complete suite of AI XML-coded forms available,"
said Jeff Bradford, president of Bradford Technologies. "We're
glad to offer full AI Ready compliance to our customers."
About Bradford Technologies
Bradford Technologies is the developer of the
new ClickFORMS program, the only appraisal software certified by
Microsoft® to be 100% Windows® compliant and to earn the
"Designed for Windows XP" designation. For over seventeen
years, Bradford Technologies has led the way in creating advanced
technologies, coupled with highly intuitive user interfaces, to
maximize productivity and minimize hassles. Bradford Technologies'
products utilize Digital Container Technology to make its products
the standard for flexible creation and management of complex reports
and forms.
About AI Ready
AI Ready is the accreditation given to software
and services that comply with the Appraisal Institute XML Residential
Property Data Standard. The AI XML standard is an open-source standard
that enables unimpeded electronic communication of real property
data among its users, exclusive of format. Use of the standard eliminates
the need to print and re-key information. Lenders who employ AI Ready
data in their mortgage workflow account for nearly half of all U.S.
residential mortgage origination. For more information about the
AI XML standard or the AI Ready accreditation, visit www.aiready.com.
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