Analyzing Comps can be a pain point for both the client and the appraiser. Neither goes inside the comps, and the data that’s generally available for these comparable properties is often scarce, incomplete, or inaccurate and much is provided from a person with a direct interest in the sale. After receiving the appraisals, lenders and their AMCs often run them against their own databases, and the GSEs and other investors run the property data against historical appraisal data, with both tending to ask the current appraiser after delivery to comment on the discrepancies they see.
Historically, appraisers haven’t had visibility into their own peers’ data, even though they’re graded on their consistency with their peers and asked to comment on their peers’ data.
CoreLogic’s QuickSource levels the field providing visibility and allowing the appraiser to shorten turn times by anticipating and addressing the clients’ questions before they even come up.
QuickSource is a one-stop solution for easily importing, comparing and managing appraisal data from multiple credible sources. With instant data comparison of self, peer and external data sources all on one screen, the solution helps appraisers improve accuracy and avoid discrepancies in every report.
QuickSource shows the appraiser all their comp data in one place including MLS, public records, peer data (SmartExchange) and personal prior use. The solution transforms this data into the GSEs’ UAD standard reporting format, making it automatically compliant for UCDP portal upload. Users can prioritize which data sources they prefer for specific fields and set custom formatting rules.
The SmartExchange peer data provides the appraiser many more data points, and early enough in the report-writing process to prevent some revision requests, clarifications and addenda commentary.
Additionally, discrepancies between the data sources are highlighted for the appraiser, prompting them to do further research and comment for the client on the discrepancies.
While this results in less time-consuming typing for the appraiser, the real benefits come from anticipating and commenting on potential revision requests in the report before the revision request is even needed. Because QuickSource shows users the data sources a reviewer or lender would be looking at, they can easily see what might trigger a revision request or question about comp selection and address it immediately, instead of the report potentially getting kicked back.
QuickSource and its SmartExchange data increase communication between appraiser and client, as well as reduces turn times. The solution also allows the appraiser to thread the needle of customized content and UAD/GSE requirements.
“Appraisers trust us more than any other software partner because of our forward-thinking software and industry-leading training, technical support and coaching,” said Joel Baker Sr., Professional of Product Solutions. “A la mode suite of end-to-end business tools allow the fee appraiser, usually a small business owner, to manage the day-to-day details of their company – from marketing efforts and websites to order, report writing, compliance, delivery and managing their receivables.”