Clear Capital is addressing the impact of COVID-19 on appraisals | Clear Capital | Blog
COVID-19 Updates

Converting on-hold orders to address the impact COVID-19 on appraisals

By March 30, 2020 No Comments
the impact of COVID-19 on appraisals

When interior inspections are not possible due to the impact of COVID-19 on appraisals, Clear Capital operations will place the order on hold and request direction from customers.

 

New addendums to address the impact of COVID-19 on appraisals

To simplify the order process for customers, we have released form-type add-ons that implement the recently released GSE guidance. These can be ordered as an addendum to the standard form types and automatically update the Letter of Engagement (LOE), automated quality control (QC) rules, and manual review process.

For active orders, on hold due to the impact of COVID-19 on appraisals

For active orders, customers can specify if they want the assignment converted to a desktop or exterior only product in accordance with the new GSE guidelines. We’ll take care of the rest by:

  1. Updating the form type with the requested addendum:
    • Interior form type to include the “COVID-19 Desktop” add-on, or
    • Exterior form type to include the “COVID-19 Exterior” add-on
  2. Removing the on-hold status
  3. Notifying the appraiser to proceed with a desktop or exterior only assignment type

For new orders, managing the impact of COVID-19 on appraisals

Customers can order the following new products in accordance with new alternative GSE guidance directly from ClearCapital.com, providing they have confirmed with the appraiser, occupant, or borrower that an interior inspection cannot be completed due to COVID-19:

Desktop Forms
1004 + COVID-19 Desktop
1073 + COVID-19 Desktop
2090 + COVID-19 Desktop
1025 + COVID-19 Desktop
1004C + COVID-19 Desktop
Exterior Only Forms
2055 + COVID-19 Exterior
1075 + COVID-19 Exterior
2095 + COVID-19 Exterior
1025 Exterior + COVID-19 Exterior
1004C Exterior + COVID-19 Exterior

 

Integrated point-of-sale (POS), loan origination system (LOS) and appraisal management system (AMS) customers

If placing an order directly from an integrated POS, LOS or AMS, please order the traditional form needed with notes specifying “COVID+Form Desired.” In the short term, Clear Capital operations will convert the traditional form to the requested COVID-19 form.

We are working with our integrated partners to add these new form addendum products in the coming weeks to address the impact COVID-19 on appraisals.

Please request status directly from your POS, LOS and/or AMS provider.

COVID-19 guidance from financial regulators and agencies

The latest COVID-19 guidance from financial regulators and agencies is available in our recent blog post.

Clear Capital

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