Smartexchange

[djd09]

I can’t deal with narrow minds. Call me stubborn. Low level. Lol

Like claiming to be a lawyer, when in fact he was not.

 

[Deleted member 128537]

I used the smart exchange a few times this past week. Don’t like it. For one thing people grid aspects of a comparable different than I would. And some of it is incorrect.

 

[bnmappraisal]

For one thing people grid aspects of a comparable different than I would. And some of it is incorrect.

I noticed that too.

So by the time I've amended their pool comment to what I use in all of my reports (among some other fields) I might as well as just typed the whole d@mn comp myself. No time savings here that I notice (and that was the only reason I thought it may be something useful)

And another reason it doesn't save me any time is because in my market, I've literally had 5+ versions of 1 comp (I'm in a pretty densely populated market). So even if I did want to use 1 ... by the time I figured out "the best" ... again ... I could have just typed it in myself

 

[bnmappraisal]

For one thing people grid aspects of a comparable different than I would

Actually mentioned this (and what I posted above in post 73) to a guy I know in my CE class

He had "sorta heard of" SmEx but "hadn't looked at it" (uses ALM)

Used pools as an example (since we live here in FL and both have them prevalent in our markets - he's from a different part of the state but still)

I said I use "ScrPool" (screen pool) he said he uses "CagedPool"

After explaining SmEx to him, he agreed he could just type the comp in quicker himself rather than using mine and having to change it

 

[Overimprovement]

i dont

And I am sure that shows up in every one of your reports. I hope some of your clients read these threads. They are on here, you know...its not just appraisers.

 

[Overimprovement]

based on everything i have read on the topic they are not taking anyone's data without that appraiser giving them permission. that permission was not fully explained though when they offered the free trial period as they failed to mention that once someone opts in their data is immediately taken and remains in the pool even if they opt out of the program.



just a coincidence in my opinion. i have a couple lending clients who have required original comp photos since i started working with them many, many years ago.

I only have one indirect (AMC) client that allows non-original pictures. My few direct lenders do not care, nor are they likely to be concerned with what goes on in the big corporate world, so I wouldn't expect that to change either way. It is an interesting point so let us know if you all are seeing changes from your AMC clients that are currently letting it slide.

I personally would LOVE to see some new requirements like appraiser-watermarked comp pictures REQUIRED for every report. I do get tired of competing with skippys that never leave their office, not even to do the inspections. Would like to see proof of identity required at inspection as well. This would weed out the skippys, because the market has not seemed able to do so thus far. Have a few terrible ones in my market. I continue to be amazed that they even have their license, much less any clients. Some lenders care about quality and can tell the difference in the reports, but the number of those seems to be decreasing every month.

 

[Overimprovement]

Actually mentioned this (and what I posted above in post 73) to a guy I know in my CE class

He had "sorta heard of" SmEx but "hadn't looked at it" (uses ALM)

Used pools as an example (since we live here in FL and both have them prevalent in our markets - he's from a different part of the state but still)

I said I use "ScrPool" (screen pool) he said he uses "CagedPool"

After explaining SmEx to him, he agreed he could just type the comp in quicker himself rather than using mine and having to change it

And I think the examples of this would be endless, which Corelogic knows as well. I don't think the purpose ever was to help the appraiser. Perhaps at the beginning, it was only thought of as a money maker ($1/comp), but quickly morphed into more data for the big machine when CL bought ALM.

I mean, think of all the reports each of you review from your local market. How many of them do you read through and say, "wow, that was a good report, maybe one day I'll be as good as this person"??
Isn't the more common response, "How on earth are they not getting sued"?

If this is your experience in your market, why even consider using the comps from these peers?

 

[Digger88]

And I am sure that shows up in every one of your reports. I hope some of your clients read these threads. They are on here, you know...its not just appraisers.

it doesnt. just got this email from a VA uw this past week. iam the perfect mix of knowledge, bs and speed! LOL concise, credible and compliant.

Hi Pete,

Thanks so much for your help with Pencoast today, it’s refreshing to work with someone so knowledgeable and pleasant! I’m passing your contact information on- we’re always looking for good appraisers!

 

[Evincere]

And I think the examples of this would be endless, which Corelogic knows as well. I don't think the purpose ever was to help the appraiser. Perhaps at the beginning, it was only thought of as a money maker ($1/comp), but quickly morphed into more data for the big machine when CL bought ALM.

I mean, think of all the reports each of you review from your local market. How many of them do you read through and say, "wow, that was a good report, maybe one day I'll be as good as this person"??
Isn't the more common response, "How on earth are they not getting sued"?

If this is your experience in your market, why even consider using the comps from these peers?

What’s so interesting is that Corelogic to market and counter objections to the use of Smartexchange stated it’s not good for our public image that we don’t trust each others work enough to be willing to copy it. Which is An insult to our intelligence.

Anyone who is in a position to be sued would never simply take for granted someone else’s work as being true, accurate and correct. Not accepting smart exchange as timesaver has more to do with an obligation to perform required due diligence then not trusting another person’s work - the two are not mutually exclusive.

Finding oneself under cross examination or grilled before a state board and being asked how a comp selection and verification process was performed and replying via “smartexchange” to save 15 minutes of typing is not a fictitious or absurd scenario.

 

[Deleted member 128537]

Let me give you a good example. So in Smart Exchnage I was going to use a comparable. It came up as a listing in Smart Exchange. So I put it in the grid from another appraiser. In the MLS it stated it sold for 500,000, BUT it stated it also sold with another site. When I looked up that other site it stated in the MLS it sold for 200,000. So I called up the agent and talked to him about what was going on. Well in actuality the total transaction price was 700,000 for this property and the adjoining site. Thus acreage and frontage foot had to be changed in the grid. Also in that grid the previous appraiser stated the property was C3 condition. Well when I looked at the pictures in the MLS it looked like a very dated house. So I also asked the agent about this. He said well the property was in good maintenance, but nothing in the house was updated. This house as was nearly 30 years old. Thus to me it is clearly a C4 property. It is obvious the appraiser who put the data in didn’t understand the UAD definition of a C3. Therefore I still have to verify everything. And then there are the occasions where an appraiser may use the MLS GLA only to come to find it’s wrong. So he who blindly uses the Smart Exchange better beware.