Analyzing comps can be a pain point for both client and evaluator. Neither goes inside comps, and generally available data for these comparable properties is often sparse, incomplete or inaccurate and most is provided by someone with a vested interest in the sale. After receiving appraisals, lenders and their AMCs often compare them to their own databases, and GSEs and other investors compare real estate data to historical appraisal data, both tending to ask the current appraiser after delivery to comment on any discrepancies they find.
Historically, reviewers have not had visibility into their own peers’ data, even though they are graded on their consistency with their peers and asked to comment on their peers’ data.
CoreLogic’s QuickSource levels the playing field by providing visibility and enabling the assessor to shorten turnaround times by anticipating and answering customer questions before they even arise.
QuickSource is a one-stop solution for easily importing, comparing, and managing assessment data from multiple credible sources. With instant comparison of data from personal, peer and external data sources on a single screen, the solution helps assessors improve accuracy and avoid discrepancies in every report.
QuickSource shows the appraiser all of their comp data in one place, including MLS, public records, peer data (SmartExchange), and personal past usage. The solution transforms this data into GSE’s standard UAD reporting format, making it automatically compliant for upload to the UCDP portal. Users can prioritize the data sources they prefer for specific fields and define custom formatting rules.
SmartExchange peer data provides the assessor with many more data points, and early enough in the report writing process to avoid some requests for revisions, clarifications and addendum comments.
Additionally, discrepancies between data sources are highlighted for the appraiser, prompting them to do further research and comment on the discrepancies for the client.
While this results in less time-consuming input for the assessor, the real benefits come from anticipating and commenting on potential review requests in the report before the review request is even needed. Because QuickSource shows users the data sources that a reviewer or lender would review, they can easily see what might trigger a review request or component selection question and respond immediately, instead of the report potentially being fired.
QuickSource and its SmartExchange data increase communication between appraiser and client, while reducing turnaround times. The solution also allows the assessor to thread the needle of custom content and UAD/GSE requirements.
“Assessors trust us more than any other software partner because of our cutting-edge software and our industry-leading training, technical support and coaching,” said Joel Baker Sr. , professional in product solutions. “A trendy end-to-end suite of business tools enables the fee assessor, typically a small business owner, to manage the day-to-day details of their business – from marketing efforts and to-order websites , reporting, compliance, delivery and management of their receivables.
Joel Baker, Sr., Product Solutions Professional at CoreLogic
In addition to his nearly two decades of teaching appraiser workflow for CoreLogic, Joel Baker, Sr. has authored several continuing education courses for real estate appraisers, has taught over 10,000 appraisers in courses live, spoke at dozens of real estate shows and seminars, and made over 300 training videos.