Enhanced program designed to accelerate adoption of modern appraisal solutions by lenders
RENO, Nev. — March 30, 2022 —
Clear Capital®, a national real estate valuation technology company, has announced the launch of Desktop Appraisal and Desktop Data Collection, two products designed to further modernize and increase certainty in the appraisal process.
Clear Capital is now offering Desktop Appraisal, a GSE-compliant 1004 Desktop/70D residential appraisal that quickly delivers a reliable opinion of value with price certainty. Additionally, the company announced Desktop Data Collection, a certified, background checked data collector-enabled property data gathering service designed to capture information, photos, and generate high-fidelity floor plans with interior walls and ANSI-aligned digital gross living area (GLA) to help appraisers complete a desktop appraisal with confidence.
“The recent additions of desktop appraisals to Fannie Mae and Freddie Mac’s selling guides were an important milestone for our industry, as the desktop option can help deliver more timely appraisals while mitigating appraiser capacity restraints and helping to standardize property data collection,” said Duane Andrews, CEO of Clear Capital. “Through our Desktop Appraisal solution, seasoned appraisers can deliver an opinion of value up to 50% faster than a traditional appraisal, meaning mortgage lenders can confidently close loans faster for their customers.”
Andrews said the cost and risk performance of appraisals conducted through Clear Capital’s Desktop Appraisal product is consistent with traditional appraisals. Standard pricing without any fee escalation means the appraisal costs are always clear upfront.
With Clear Capital’s Desktop Appraisal product, a certified data collector completes a Desktop Data Collection report to provide property information and photos that fill the gaps in public sources, enabling the appraiser to complete a desktop appraisal.
Clear Capital’s ‘Desktop Data Collection’
Desktop Data Collection will empower mortgage lenders to broadly adopt desktop appraisals with the certainty that an appraiser will be provided the necessary property information to complete a desktop appraisal.
Certified data collectors, who are real estate agents or brokers on Clear Capital’s panel, can coordinate with the property contact to complete a streamlined residential property data collection that includes property condition information, photos, and accurate, high-fidelity floor plans with interior walls. The data is reviewed for quality assurance and then supplied to an Appraisal Management Company (AMC) or direct-engagement appraiser panel of the lender’s choosing.
Dan McAlister, Director, Product Management at Clear Capital, said the accessibility of Desktop Data Collection and the company’s nationwide panel of data collectors should make this an attractive offering for lenders.
“Our experienced panel provides coverage across 90% of the U.S., meaning lenders can broadly adopt Desktop Data Collection and quickly scale nationwide,” he said. “The product can be easily integrated into many leading order management systems, simplifying the order process. Lenders can engage their existing AMC or direct-engagement appraiser panels to reliably complete the desktop appraisal with the necessary property data.”
Lenders can purchase a package inclusive of Clear Capital’s Desktop Appraisal and Desktop Data Collection solutions, or opt for Desktop Data Collection as a standalone product. Visit www.clearcapital.com/solutions/desktop/ to learn more.
Clear Capital’s Desktop Appraisal and Desktop Data Collection products follow the release of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan, which called for more objectivity and consistency in property details and information used in appraisals. As part of its commitment to increasing transparency and digitization in appraisals, and working to reduce bias in the process, Clear Capital continues to develop innovative solutions to solve the industry’s biggest challenges.
In the last year, Clear Capital 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 company also 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 completed the acquisition of CubiCasa, a Finnish proptech startup that automates floor plan sketch creation and digitizes property data collection.
For more on Clear Capital and its products and solutions, visit ClearCapital.com.
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