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New
a la mode software enables appraisers to
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Aug.
16, 2000
Edmond,
OK – A
first-of-its-kind software announced today by a la
mode inc., the nation’s leading provider of software for
the real estate appraisal industry, will
provide appraisers across the U.S. with a simple,
inexpensive way to gather
needed home sales data for appraisal reports.
According
to a la mode CEO Dave Biggers, the company’s new CompsXchange™
software automates daily sharing of detailed
information about recent home sales between appraisers in
the same locale. Information about sales of comparable homes
– called “comps” by those in the industry – is
necessary for appraisers to complete a residential
appraisal.
CompsXchange
works by allowing each appraiser to decide which colleagues
he or she wants to trade comps with. At a time designated by
the appraiser, the software automatically extracts comps
from his or her electronic appraisal reports and e-mails
them to colleagues. Digital photos associated with the comps
are compressed and sent along with the comp data.
“It’s
an automated buddy system. Appraisers get the exact
information they need to do their job from the people best
qualified to give them that information. And they won’t
have to remember to send their comps or retrieve the comps
sent to them. The software does it for them,” Biggers
says.
CompsXchange
has two major advantages for appraisers, Biggers says.
The first benefit is saving time and money.
Many
appraisers pay fees to collect comp information through the
Multiple Listing Service (MLS) of their local real estate
board. However, MLS data is collected for Realtor® use, not
appraisal use, and often doesn’t contain key information
appraisers need. In addition, MLS data requires hand typing
into an appraisal report, forcing appraisers to key it in
themselves or hire someone else to do it for them.
Information
obtained from county assessors’ offices is likewise
incomplete and time- and labor-intensive for appraisal
purposes. And while several national and regional companies
sell comps they’ve collected from mortgage lenders,
assessor offices and appraisers themselves, the services may
cost as much as $2,000 a year.
A
second benefit to CompsXchange is that the software does not
open the door for comps to be pulled into automated
valuation models (AVMs). AVMs
are large databases pulled together from a variety of
sources. AVMs identify comps in order to establish the value
of a home for which the lender is preparing a loan. Many
appraisers fear that increased use of AVMs by lenders will
decrease use of appraisals, forcing some appraisers to lower
their fees and others to leave the business altogether.
Because
use of CompsXchange does not create a central database that
could be sold to or otherwise shared with an AVM, Biggers
says, appraisers retain control of their data.
For
more information about CompsXchange, appraisers are invited
to call a la mode at 1 (800) ALAMODE (252-6633). a
la mode inc. is a leader in the design, development
and support of software, electronic document
technologies and Internet solutions used in the
emerging age of e-commerce. The company’s 42 percent
market share, greater than its next four competitors
combined, makes it North America’s largest provider of
real estate appraisal software. In addition to the
industry-leading WinTOTAL appraisal software and other
mortgage-related software and services, a la mode offers
eDomina.com, an Internet portal real estate professionals
and consumers. More information on the company can be found
on the Web
at http://www.alamode.com
or http://www.edomina.com
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