This document answers some of the most frequently asked questions we hear about SmartExchange.
Document 3500 | Last updated: 03/31/2021 SPB
Isn't this a USPAP violation?
No. This version of SmartExchange skips all of the subject information in your report, including in the grid, and only works with comp slots (Comp #1 to #X). None of that comps data is assignment‑specific, nor is it client confidential. USPAP confidentiality isn't even in play here.
For more information about comparable data sharing, click here to view the Appraisal Standards Board's USPAP Q&A.
How do I view my previous comp uses? The SmartAddress icon is gone.
With the release of SmartExchange, the Side‑by‑Side interface in TOTAL looks a little different. This is the case regardless of whether or not you're opted in to the SmartExchange program.
To access SmartAddress and compare comp features, simply click the SmartAddress button on the toolbar above your comparables. Click here to learn more.
How much does it cost? Is there a fee to join?
SmartExchange is completely free for the first calendar month after you join. After that, you're charged on a per‑report basis. For example, if you sign up at the end of August, SmartExchange is free to use until the end of September. After that, each signed report in which you use peer data costs an introductory rate of 99¢.SmartExchange charges 99¢ for every signed report containing peer data. Because of this, unsigning a report to make changes and then re‑signing it doesn't charge you twice since it's still just one report.
How do I opt in? What if I decide to opt out?
With a report open, click Data in the menu on the upper left and select Join SmartExchange. Once you agree to the Terms and Conditions, you can begin using SmartExchange right away. Click here to watch a short how‑to video.
To opt out, simply email AppraiserInfo@CoreLogic.com with a brief message about why. We use your feedback to help improve our products. In a future update, you'll be able to opt out from within TOTAL.All the comparable data you shared while opted in will remain in the SmartExchange database. Anything after the opt‑out date will not be shared.
Why are you charging for data that isn't yours?
We're not charging for the data. We're charging for the service that makes it available to you instantly, right inside the Side‑by‑Side PowerView.
It's like cell phone service. When you talk to your spouse on the phone, your service provider isn't charging you for the voice coming out of the phone. They're charging for all the connections and infrastructure between you and your loved one that makes instant communication possible from anywhere.
What if a peer data source is incorrect? How does SmartExchange help me if I still have to verify the data?
You'll generally see multiple versions of a comp from multiple appraisers. You can choose to use any version you want, or use none, or use bits and pieces from several combined. It's no different than what you do today where you use multiple sources that you're not 100% confident in, but they're the same sources that the buyers and sellers rely on.
Where does the data come from? Can my clients see where the data comes from?
The data comes from SmartExchange member appraisers and other CoreLogic data sources. Data sources are only visible to you when viewing your report in TOTAL.
Does it include the sales history and public records data? Are photos included?
Yes. Every line item in the original comps grid is included, along with the photo used by each appraiser who used the comp as either a listing or a sale. Not only can you see what each appraiser typed, but you're able to see how each one's photo changed over time.
Can I choose to exclude certain appraisers?
No. When comp data's uploaded to SmartExchange it's anonymous, so you won't be able to tell which appraiser submitted the data. It's problematic to enable a group of businesses to exclude another business from a source of data solely on the basis of arbitrarily discriminatory criteria, potentially impacting their income or operations. When you join SmartExchange, you share with everyone else in your area on SmartExchange.
Over the long haul, you'll only encounter any given appraiser's data when that appraiser is the very first person to have typed in a specific comp. So, if there are 2 appraisers you don't like out of a group of 100 locally, then only 2 out of 100 comps probably come from them. Plus, you're not relying on their valuation skills — the thing you probably dislike about them — but rather just on their typing skills. (You're using them for free data entry, basically.)
Where do I search for comps in SmartExchange?
In order to find comps in the first place, you still go to your MLS and do your search there, because it's the best real‑time indicator of sales and listings. (Any system which tells you to skip searching the MLS, or which uses public records instead, is doomed to failure.)
But when you start typing the comps you found on the MLS into the grid, the magic happens — any comp address that someone else has typed in before you appears automatically.
And if there's more than one example of that comp from multiple appraisers, you can see them all and choose the one you like. Or you can edit bits and pieces here and there if you think otherwise. Or don't use any at all. It's your choice.
Can I see prior adjustments from other appraisers?
No. Adjustments aren't facts about the property, and depending on context, they could be considered assignment‑specific and therefore confidential.
Can I view comparables without putting them into my report?
Yes. As long as you're opted in, you can view your peers' data with no charge. Only signed reports containing peer data in your comps grid will place a charge on your account.
Does SmartExchange include subject data?
No. None of your subject data is ever uploaded to the SmartExchange servers. Only comparable data is uploaded and shared.
However, your comps grid is now automated by default to fill in subject data when you type an address into the subject field. This uses SmartAddress, which only searches your own personal Comps Database. It's unrelated to the SmartExchange service. Click here to learn how to turn off autofill.
Who has access to use the data in SmartExchange?
SmartExchange data can only be used by SmartExchange members.
How does it really work?
SmartExchange allows you to transparently share your comps grid data with your peers — and get access to theirs — in a way that's so simple, and so quick, that it's actually hard to demonstrate. The best way to describe it is "typing magic": You type an address in the grid exactly like you do now, and suddenly you see the rest of the grid for that comp filled out. Instantly.
No clunky MLS importing. No retyping of messy data. No expensive third‑party tools guessing at it either. How's it all possible? Well, with so many appraisers out there using our software, and everyone typing in many comps per report, it means that nearly every comp in your market has been entered into a grid by one or more appraisers before you got to it. Why retype it if someone else has already done so the first time? That's the whole value of crowdsourcing — using the magic of large numbers of people so that it lightens the load on any one person. Simply put, our goal is that no two appraisers should ever again have to do duplicate data entry for any one comp address.
Am I charged for using my own personal comp data?
No. There's no fee to use your own comps.
Why is my comp blurred out? Why is the photo missing from my comp?
If a comp that shows "Yours" is blurred out, it means that it was imported while opted in on a different PC. If this is the case, you can opt in to SmartExchange on this computer and use this comp without being charged.
If the photo is missing from a comp that shows "Yours", it indicates that the image doesn't exist in your local Comps Database.
Can I use non‑UAD forms with SmartExchange?
No. SmartExchange only shares UAD comparable data, so you won't be able to see peer data with non‑UAD forms.
How am I billed for the comps I use? How do I view my transactions?
You're billed on the first day of the month for each item from the previous month. To view your transactions, log in to myaccount.alamode.com with your a la mode credentials and click SmartExchange on the left. Here you can see which reports were billed, as well as when the usage occurred.
The primary credit card on your account is billed for your SmartExchange usage. To change the primary card on your account, log in to myaccount.alamode.com with your a la mode credentials and click Credit Cards on the left.
Can I use SmartExchange if I'm not the primary account holder, or I'm an appraiser for a corporate customer??
- Not the primary account holder?
- Yes, you can use SmartExchange. However, only the primary account holder can opt in to Smart Exchange. All SmartExchange transactions are billed through the primary account holder and use the primary credit card on file. To change the primary card on your account, log in to myaccount.alamode.com with your a la mode credentials and click Credit Cards on the left.
- Appraiser for a corporate customer?
- We'd love to enable SmartExchange for you, we just need approval first. Please have your direct manager reach out to us via email at alm‑firstname.lastname@example.org.
If it's free to join, why do I have to provide a credit card?
You'll need to have a valid credit card on file in order to use SmartExchange for any future billable transactions. Once your free trial period ends, you'll be charged an introductory rate of 99¢ per report that contains a peer comp. Charges are billed on a monthly basis to the card on file. You can change the card on file at any time from My Account.