How to Build a Comps Database in ACI
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Using Linked Common Responses
Linked Common Responses are a powerful and often overlooked feature that allows users to store a combination of field entries with a single selection. Throughout most appraisal forms, many fields are related through multiple dependencies and the data elements required rarely, if ever, change.
City, county, and state fields are a prime example. The city of Palm Coast will always be located in the county of Flagler which is located in the state of Florida. By storing a linked common response in the city field for Palm Coast, users can select the city from their common response list and the linked fields will fill at once.
Here is how to Create Linked Common Responses for a Range of Fields:
1. Enter text in all fields in the range.
2. Click in the first field in the range. Press CTRL+SHIFT on the keyboard and click in the last field in the range (all fields in the range are highlighted).
3. Press F6 on the keyboard.
4. Click Save and then click close to exit.
Creating Linked Common Responses for Select Fields:
1. Enter text in select fields.
2. Click in the first field of the Common Response. Press CTRL on the keyboard and click in each field to include in the Common Response (select fields are highlighted).
Inspections, Safety, and ACI OpenHouse
Fannie Mae and Freddie Mac recently extended the temporary COVID flexibilities through December 31, 2020. With that said, this is a good time to remind ACI appraisers of how helpful ACI OpenHouse™ can be in a time like this. ACI OpenHouse is a remote inspection app that easily enables ACI Report users to remotely collect data and images from the property owner and directly import the data into a desktop or exterior only inspection appraisal report.
ACI OpenHouse is designed as an easy-to-use web app with the primary purpose to collect property information from a series of questions including photos. In just a few clicks you can email the property owner an invitation with a link to inspect the property.
To generate an email invitation:
- Use the top menu bar in ACI Report and navigate: eServices | ACI OpenHouse | Property Survey Request.
Once completed, the inspection is securely delivered back to the appraiser and pertinent information is populated back into the appraiser’s report.
Interested in testing it first? Simply email yourself a Property Survey Request and play the role of the property owner and discover how streamlined and simple the process can be.
ACI OpenHouse is FREE to all ACI clients with an active service agreement.
AppraisalVision Taps ACI to Help Power SMARTReview, AppraisalVision’s Next Generation Appraisal Review Platform
ST. PETERSBURG, Fla., Dec. 1, 2020 /PRNewswire/ — AppraisalVision, the mortgage industry’s first on-demand platform for home appraisals, announced an agreement today with ACI, a leading solutions provider in the valuation industry for nearly 40 years. AppraisalVision also announced the availability of SMARTReview, a next generation appraisal quality control and review platform for lenders, appraisal management companies (AMCs) and appraisers.
SMARTReview is a risk-based appraisal quality control (QC) and review platform, that allows a lender to extend, standardize and automate their appraisal QC and review process across all of their AMCs and appraisers. Built on top of ACI’s Sky® API and PAR® Logic compliance library, SMARTReview provides a single platform for all participants to collaboratively review and approve the appraisal report, resulting in improved efficiency and quality.
“We have seen an 80% reduction in underwriting revisions when an AMC utilizes SMARTReview, prior to delivery of the appraisal report to the lender,” said Jim Cutillo, Founder and CEO of AppraisalVision. “If a lender is utilizing multiple AMCs and appraisers, SMARTReview is a game changer and makes existing appraisal review processes and tools obsolete.”
SMARTReview is currently in production with several national lenders, AMCs and appraisers. The platform is integrated with UCDP/EAD and Fannie Mae’s appraisal API, allowing lenders to incorporate risk-based findings into the appraisal QC and review process. MLS and public record data can also be incorporated to validate order and appraisal report data.
“We’re excited to work with AppraisalVision. They have created an innovative QC platform that leverages our Sky API to drive the PAR Logic compliance through the SMARTReview workflow.” said George Opelka, General Manager at ACI. “The end result empowers all stakeholders along the way to improve both productivity and appraisal quality.”
About ACI
ACI specializes in creating innovative workflow solutions for real estate appraisers, appraisal management companies and financial institutions. Backed by analysis-driven tools and industry expertise, ACI’s cloud-based and enterprise software applications empower stakeholders with a streamlined approach to managing forms, rules and data, while operating with audit-ready transparency and compliance. Through visionary leadership and dedication to client service, ACI has served as a reliable and driving force in the valuation industry for nearly 40 years. Headquartered in Palm Coast, Florida, ACI is a member of the First American (NYSE: FAF) family of companies. For more information, visit https://www.aciweb.com.
About AppraisalVision
AppraisalVision is the industry’s first on-demand platform for home appraisals. Powered by Vision Analytics and their machine learning algorithm, known as an AQPM Score, AppraisalVision’s SMART products optimize AMC selection, appraiser assignment, and appraisal QC and review. Providing management of the order from start to finish, with their revolutionary data and analytical approach. Jim Cutillo, former founder and CEO of Stonegate Mortgage Corporation, is leading a team of tech savvy, next generation industry experts, focused on reinventing the appraisal process. For more information, visit https://www.appraisalvision.com.
SOURCE AppraisalVision
Kick-Start Your Appraisal Report with Sky Data
Did you know ACI Report includes a public record data service that gathers subject property and comparable sales information including parcel number, short legal description, census tract data and more?
Fueled by public record data sourced from First American®, ACI Sky™ Data is available for most major metropolitan areas in the United States.
In order to use Sky Data on the subject property:
- Key the address into the subject section of your report.
- Use the top menu bar in ACI Report and navigate: eServices | ACI Sky Services | Sky Data.
- Once Sky Data locates and displays the property information, click on “import” to populate the report.
The information available varies depending upon each municipality, but data imports using Sky Data generally include the critical salient features of your subject and comparable properties.
Just enter the property addresses of your subject, select “comparables” and let Sky Data do your typing.
ACI Sky Data is FREE to all ACI clients with an active service agreement