Clear Capital Announces ClearInsight+ to Support Freddie Mac’s ACE+ PDR Solution
Set of Products Includes Property Data Report and Completion Report, Which Is Backed by a Nationwide Network of Trained Real Estate Agents and Brokers.
RENO, NV / ACCESSWIRE / August 31, 2022 / Clear Capital®, a national real estate valuation technology company, has announced the launch of ClearInsight+, a technology-enabled set of valuation products to support Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report), a new offering for certain loan types.
Freddie Mac began offering ACE+ PDR in mid-July, allowing lenders to originate cash-out and certain no cash-out refinance loans without an appraisal. With ACE+ PDR, property information is physically collected on-site by trained data collectors using a Freddie Mac PDR dataset in place of an appraisal.
In cases when a PDR states required repairs, and lender requests repairs, a completion report verifies the repairs have been made. In cases when the PDR notes a professional inspection needs to be performed, a licensed professional in that particular field, such as a plumber or pest inspector, must perform the inspection. The lender then must obtain either a signed report that states the repairs are not required, or a signed report or invoice stating the repairs are completed and the issue has been corrected. In certain situations, if the review of the PDR may reveal that the property is not eligible for the offering or has certain characteristics or conditions that require upgrade to a hybrid appraisal (Freddie Mac Form 70H) or traditional appraisal.
Backed by a vast experience in GSE appraisal modernization, Clear Capital’s ClearInsight+ and Hybrid Appraisal are designed to address each scenario and support a complete Freddie Mac ACE+ PDR implementation among mortgage lenders nationwide. ClearInsight+ includes Property Data Report (PDR) and Completion Report. ClearInsight+ and Hybrid Appraisal are supported by the award-winning ClearInsight mobile app, CubiCasa automated floor plan technology, the company’s vast network of trained and certified real estate brokers/agents, experienced appraisers, and dedicated quality assurance and customer support teams.
“We applaud Freddie Mac for their commitment to appraisal modernization and efforts to drive change in our industry,” said Duane Andrews, CEO of Clear Capital. “The ACE+ PDR solution will help streamline processes, increase property data accuracy, and ultimately save lenders and borrowers time and money. We’re pleased to support Freddie Mac to offer lenders a comprehensive set of dependable property valuation products they need to adopt ACE+ PDR, all in one spot.”
Clear Capital’s PDR provides a verified property dataset that fulfills Freddie Mac’s requirements, with trained real estate brokers/agents utilizing ClearInsight to gather property data, photos, and generate CubiCasa floor plans and gross living area (GLA). Once collected, the data is reviewed for quality assurance and typically provided to the lender in three days, depending on appointment scheduling with the point of contact.
When the PDR states repairs are needed, and lender requests repairs, ordering Clear Capital’s Completion Report engages their national real estate broker/agent-based data collection service to verify if repairs or alterations for property eligibility are complete. When certain property characteristics or conditions are identified in the PDR and a lender needs to upgrade to an appraisal, Clear Capital’s Hybrid Appraisal provides a trustworthy opinion of value up to 50% faster than a traditional appraisal.
“We are thrilled to announce the addition of Clear Capital to our list of verified software partners supporting our PDR dataset,” said Daniel Miller, Single-Family Director of Strategic Technology Partnerships at Freddie Mac. “Clear Capital and their network of trained data collectors and experienced appraisers support bringing our ACE+ PDR solution to market in a meaningful way.”
Clear Capital has completed more than 235,000 data collections for loans that utilized various GSE modern appraisal programs. The company’s panel of more than 3,700 background-checked and trained real estate brokers/agents enables lenders to provide 97% coverage nationwide with proven performance and quality. Clear Capital is a leading provider of GSE hybrid appraisals in the industry.
For more on Clear Capital and its products and solutions, visit ClearCapital.com.
Freddie Mac, Loan Product advisor and LPA are trademarks of Freddie Mac.
About Clear Capital:
Clear Capital is a national real estate valuation technology company with a simple purpose: to 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.
Media Contact:
Ryan Hall
Caliber Corporate Advisers for Clear Capital
ryan@calibercorporate.com
949-280-4704
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