Story by HousingWire
In February 2022, Fannie Mae and Freddie Mac added 1004 Desktop/70D Appraisal products to their Selling Guide for new purchase loans.
“The expected benefits of desktop appraisals — faster turn times and less friction for the borrower — are a much-needed piece of good news for a highly competitive market,” said Kenon Chen, executive vice president of corporate strategy at Clear Capital. “However, for lenders to take advantage of these benefits on behalf of their customers, they need to navigate new GSE requirements, such as ensuring appraisers have access to a digital floor plan.”
To support lenders and appraisers in meeting these new desktop appraisal guidelines, Clear Capital has developed two new desktop appraisal solutions, Desktop Appraisal and Desktop Data Collection, which launched April 5. For appraisers and loan originators, Clear Capital’s Desktop Data Collection assembles the trustworthy property data needed to confidently complete a GSE-compliant desktop appraisal.
Additionally, these solutions will assist with appraiser capacity concerns and reduce appraisal turnaround time while allowing appraisers to remain a vital component of the loan collateral process.
Clear Capital’s desktop appraisal solutions offer an easy way to obtain property information by pairing seasoned brokers and appraisers with innovative mobile phone technology, ClearInsight and CubiCasa. ClearInsight and CubiCasa have revolutionized property data collection for remote valuations — state-credentialed appraisers and trained property data collectors can capture the detailed property data needed for a desktop appraisal using
just a mobile phone.
Within these desktop appraisal solutions, users can capture photos with ClearInsight and generate high-fidelity floor plans with interior walls and an ANSI aligned digital GLA with CubiCasa to help appraisers complete a Desktop Appraisal. Floor plans with interior walls are a requirement for GSE-compliant desktop appraisals, and CubiCasa and ClearInsight are the only solutions on the market that can execute these using a mobile phone.
“Through digitizing the property, enabling new workforces through mobile technology and using AI models, we are executing the GSE’s vision of a modernized risk-based appraisal process,” CEO Duane Andrews said.
These desktop appraisal solutions use robust property data collected by Clear Capital’s seasoned real estate broker panel and offer an easy way to obtain property information.