Clear Capital—the national real estate analytics, data solutions and valuation technology company—has announced the integration of ClearCollateral® Review (CCR), an automated appraisal review platform for collateral underwriting, through Encompass Partner Connect, the latest API framework for mortgage technology from Intercontinental Exchange (ICE).
Clear Capital stated that this framework enables industry participants to integrate with ICE solutions and provide their services to loan originators and servicers through secure API-enabled technology. Available via the Marketplace in the ICE digital lending platform, lenders in Encompass® by ICE Mortgage Technology® can now access ClearCollateral Review directly in their loan origination system (LOS), enabling a thorough review of appraisals to mitigate risk.
ClearCollateral Review automates workflows and provides powerful review tools fueled with robust data and analytics for the appraisal underwriting process, with risk-based features including auto-approve functionality, configurable rules, auto-assignment for collateral review team management, and Clear Capital’s industry-leading ClearAVM™ to assess valuation risk, according to a release. Through this integration, lenders can now order ClearCollateral Review directly through the loan itself, and upon completion, all review documents will be automatically uploaded into the loan.
ClearCollateral Review is powered by a suite of Clear Capital appraisal review and assessment tools, the company stated, including:
- ClearQC®, fully configurable rule sets that provide accuracy and adherence to specific underwriting guidelines and industry compliance in the loan decision process.
- Condition Model, powered by AI, which quickly assesses the property condition using appraisal photos and property data, comparing it to the appraiser’s C-rating to flag any discrepancies.
- ClearPhoto®, a set of AI-driven rules that automate the review of property photos and sketches, ensuring alignment with the appraisal data and eliminating manual review.
- ClearProp®, which serves as a powerful research and verification tool that unites fragmented data, allowing users to dig into property details, view a robust list of comparables, and access historical records.
- Configurable Review Forms, which range from simple checklists to complex deep dives, complete with Clear Capital’s autofill functionality that can automate the majority of a user’s review forms with objective information from the appraisal.
By integrating ClearCollateral Review into Encompass, Clear Capital stated it is providing an automated appraisal review solution to all, regardless of volume. With simple ordering and no specialty integrations or workflows required to be built to support its use, the company said it is empowering lenders to provide increased appraisal quality and handle more loan volume.
“Our ultimate goal behind ClearCollateral Review is to increase certainty in the appraisal process by providing the tools and data necessary to flag risk and make corrections to an appraisal,” said Dan McAlister, Vice President of Product at Clear Capital. “Through our integration in Encompass, we’re unlocking robust review capabilities for a large portion of the industry. Ultimately, we’re allowing lenders to scale their business to handle more loan volume with confidence.”
To learn more about Clear Capital, visit the ICE Marketplace here.
