The tools are designed to speed up the appraisal process to help lenders close loans faster
Clear Capital, a real estate valuation technology company, has rolled out two products designed to further modernize the appraisal process.
The company has launched Desktop Appraisal, a GSE-compliant residential appraisal tool, and Desktop Data Collection, a property data gathering service. The launch follows 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. Clear Capital said the two products are part of its commitment to “increasing transparency and digitization” and “reducing bias” in the appraisal process.
“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 Clear Capital CEO Duane Andrews.
Andrews added that the cost and risk performance of appraisals conducted through Clear Capital’s Desktop Appraisal product is on par with traditional appraisals.
“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,” he said.
On the other hand, the Desktop Data Collection helps appraisers complete a desktop appraisal with the certainty that they will have the necessary property information, such as property condition information, photos, and accurate, high-fidelity floor plans with interior walls.
“Our experienced panel provides coverage across 90% of the US, meaning lenders can broadly adopt Desktop Data Collection and quickly scale nationwide,” said Dan McAlister, director of product management at Clear Capital. “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.”