New technology furthers Clear Capital’s efforts to modernize the appraisal process
RENO, Nev. — December 15, 2021 — Clear Capital®, a national real estate valuation technology company, has announced the innovation of ClearPhoto™, a powerful set of AI-driven rules built into ClearCollateral® Review, automating the review of property photos and ensuring they are aligned with the appraisal data and sketch. The technology was developed by Clear Capital’s data science team to further streamline the appraisal process and equip lenders with technology that powers low-risk, high-quality decisions.
At a time when the cost of underwriting has skyrocketed because of labor shortages and overall demand, lenders are looking for solutions to use human expertise in a more targeted way. ClearPhoto uses computer vision technology to highlight the right files automatically so underwriters can make more efficient and informed decisions.
ClearCollateral Review is now enhanced with automated critical checks throughout the appraisal review process, including:
- Confirmation that each photo is correctly labeled
- Validation that the number of unique rooms shown in imagery matches the appraisal data for bedrooms, bathrooms, and kitchens
- Validation that the number of bedrooms, bathrooms, and kitchens in the sketch matches the appraisal data
“One of the last-remaining, untamed areas of the appraisal process is the understanding of photo quality, and most lenders and AMCs are manually reviewing photos with inconsistent, slow, and wildly expensive processes,” said Jeff Allen, executive vice president of innovation labs at Clear Capital. “Employing computer vision and machine learning help streamline the inspection process, lower the cost of collateral underwriting, and reduce the time it takes to get collateral approval. The technology is part of our broader efforts to digitize appraisals and empower the industry to make better underwriting decisions.”
Erik Allen, Clear Capital’s chief data scientist, said the company’s existing platform, capabilities, and unique set of data made the decision to pursue the development of photo AI and automated review a natural next step.
“Our proprietary technology is currently making nearly one million automated underwriting decisions per month, so we really have a firm grasp on what automation can and should look like when it comes to appraisal review,” Erik Allen said. “Our photo review suite is made up of four machine learning models that can review and analyze thousands of photos in our dataset quickly and accurately. The technology has the ability to provide important context in photos, which helps achieve higher-quality appraisals and better underwriting decisions.”
The ClearPhoto technology was conceptualized through the in-house innovation hub, ClearLabs™. This hub allows the company to research, test, and launch new solutions designed to advance the real estate and mortgage industries. The technology is currently being piloted internally and with select strategic partners, who have received early access to review its capabilities. Starting in Q1 2022, automated photo review will be available through ClearCollateral Review, a one-stop solution to bring automation and efficiency to the collateral underwriting review process.
This technology joins a long list of innovative solutions developed by Clear Capital to solve the industry’s most pressing challenges. In September, Clear Capital completed the acquisition of CubiCasa, a Finnish proptech startup that automates floor plan sketch creation and digitizes property data collection. Earlier this year, Clear Capital announced ClearInsight™, an easy-to-use mobile app that enables real estate professionals, homeowners, and appraisers to quickly generate a complete digital picture of a home. Additionally, Clear Capital launched ClearProp™, a comprehensive property valuation and analytics tool with nationwide coverage that enables quick and accurate property value conclusions.
About Clear Capital:
Clear Capital is a national real estate valuation technology company with a simple purpose: build confidence in real estate decisions to strengthen communities and improve lives. Our goal is to provide customers with a complete understanding of every U.S. property through our field valuation services and analytics tools, and improve their workflows with our platform technologies. Our commitment to excellence — wherever it leads, whatever it takes® — is embodied by more than 1,400 team members across four brands (Clear Capital, Clario, CubiCasa, and REO Network) and has remained steadfast since our first order in 2001.
Caliber Corporate Advisers for Clear Capital