Clear Capital, a real estate valuation technology company, has announced the launch of Universal Data Collection (UDC), the latest in the Company’s suite of products designed to support appraisal modernization. UDC supports Fannie Mae’s newly announced Value Acceptance + Property Data program, as well as Freddie Mac’s ACE+ PDR solution.
When a lender receives loan eligibility for agency loan programs that allow for an inspection-based appraisal waiver, UDC ensures the submission meets both Freddie Mac and Fannie Mae data standards, the company said.
With varying standards across the property data collection space, UDC provides flexibility, as eligible loans can be quickly and easily transferred to the agency with the loan program that meets the borrower’s needs, without the need for an additional product. Clear Capital also claims that UDC is available at a fraction of the cost of a traditional appraisal, and completed in half the time that competitors provide.
“We have seen seismic shifts across the housing market in the past year, and the appraisal modernization policy work being done by Fannie Mae and Freddie Mac provides a welcomed change as alternative valuation approaches offer a crucial path forward for lenders and homeowners alike,” said Kenon Chen, EVP of Strategy and Growth at Clear Capital. “We have been planning for an industry-wide shift in appraisal backed by policy changes, and we have the data, analytics and technology in place to support this shift and enable widespread adoption of modern appraisal tools industry-wide.”
UDC is supported by ClearInsight™, a mobile app where real estate professionals to generate a complete digital picture of a home. The solution also leverages real estate software company CubiCasa to produce digital floor plans that provide Digital Gross Living Area aligned with the American National Standards Institute standards.
“We wanted to provide an efficient and cost-effective method for data collection ordering and management that satisfies appraisal modernization policy changes, and delivers more confidence in closing times along with a faster, lower-cost experience for consumers,” said Dan McAlister, director of product management for Clear Capital. “Simplicity of implementation is at the heart of Universal Data Collection, and we focused on removing adoption and loan management hurdles that have been so common in the traditional appraisal process to create a product that will help facilitate the future of appraisals.”
For more information visit ClearCapital.com/udc.
