Integration-ready review system leverages machine learning to eliminate manual tasks, freeing up lenders to focus on a better borrower experience
RENO, Nev. — October 15, 2020 — Clear Capital, a real estate valuation and analytics fintech innovator, today announced the launch of ClearCollateral® Review, a review system that automates collateral underwriting in compliance with internal credit policies and GSE guidelines. The system centralizes all analytical tools and data required to review an appraisal and leverages machine learning to eliminate manual tasks, freeing up lenders to focus on a better borrower experience.
At a time when lenders are experiencing an overwhelming volume of appraisals — paired with remote working conditions — the need for automation has never been more apparent. Across the industry, as lending volume spikes, there is added pressure to close loans quickly in order to drive the market. This tends to introduce collateral risk from both a compliance and investment perspective. ClearCollateral Review mitigates that risk in an efficient and automated environment, ultimately reducing the stress put on lenders.
“Our team is serious about technology innovation and streamlining efficiencies to empower lenders to move at their own pace while providing borrowers with an optimal homebuying experience,” said Duane Andrews, CEO and co-founder of Clear Capital. “With risk mitigation at its core, ClearCollateral Review is designed to integrate dynamically into any lender’s ecosystem to help them improve productivity, increase profitability, and scale their business.”
ClearCollateral Review eliminates the process of manually reviewing PDF appraisals by mapping data from the report and delivering it in a centralized summary, allowing lenders to quickly review a data snapshot when performing a low-risk appraisal review. ClearCollateral Review positions collateral underwriting as a competitive advantage allowing lenders to close loans more quickly while improving customer satisfaction.
“Clear Capital is hyperfocused on empowering lenders to work more efficiently,” said Kenon Chen, executive vice president of corporate strategy at Clear Capital. “Our technology complements unique skill sets by leveraging data and automating administrative tasks that tend to eat up valuable time that should be spent on customer interaction.”
This latest announcement follows Clear Capital’s launch of ClearLabs™, an in-house innovation lab set out to solve the real estate and mortgage industry’s most pressing challenges, including the immediate need to modernize the appraisal process. Clear Capital envisions a future with same-day property approval on new loans and a seamless process from the initial real estate transaction through to secondary market decisions.
About Clear Capital:
Our story began in the mountain town of Truckee, California nearly 20 years ago, when we pioneered delightfully simple, web-based valuation technology solutions for an industry relying on paper. Today, we’re grateful to call the nation’s largest banks and financial institutions our customers. We’ve grown to more than 650 team members who share and embody our unwavering commitment to build a better way. As we continue our journey to modernize valuation, we’ll hold on to our promise from day one: to go wherever it leads and do whatever it takes to serve our customers with remarkable technology and uncompromising service.
Caliber Corporate Advisers for Clear Capital
888-550-6385, ext. 7