Clear Capital recently announced the launch of AURA, an automated underwriting risk analyzer that enables loan origination and order management platforms to embed advanced appraisal quality analytics fueled by machine learning and photo artificial intelligence (AI) into their ecosystem to streamline collateral underwriting, according to a company press release.
The AURA API solution allows technology partners to provide lenders with an aggregated version of all the data necessary to fully analyze the risk of an appraisal and a detailed summary report in addition to automated underwriting capabilities to ensure compliance with internal credit policies, GSE guidelines, and other investor overlays to close loans faster.
AURA also helps prevent repurchase requests through inclusion of UCDP findings, as well as other investor-specific rules and checklists, presented to the reviewer during the initial review, the company added.
For order management systems, loan origination systems, and other technology partners, AURA serves as a one-stop shop for all appraisal review data needs and enables greater control over the customer experience by integrating Clear Capital’s data and valuation accuracy scores into their own technology solutions to improve workflow and automate the underwriting process.
“Through AURA, Clear Capital has created a more streamlined and approachable way to review and apply data to the appraisal and mortgage loan underwriting,” Clear Capital CEO Duane Andrews said in the release. “AURA is an automated tool that automatically reviews appraisals and delivers accurate property analysis, speeding the process for lenders and helping homebuyers get into their dream homes faster.”
A key differentiator for AURA is ClearPhoto, a set of AI-driven rules that automates the review of property photos, ensuring they are aligned with the appraisal sketch and data. ClearPhoto reduces time spent identifying any photo-related errors by checking for property photos’ accuracy and quality.
For lenders, AURA provides multiple pathways to access Clear Capital’s data and review tools, minimizes appraisal revision requests, and mitigates risk by ensuring compliance with Independent Appraisal Guide (IAG), Uniform Standards of Professional Appraisal Practice (USPAP), federal and state regulations, and legislation.
“Clear Capital has been creating and reviewing appraisals for more than 20 years, and in developing AURA, we built an API that aggregates our world-class data and provides real answers for our partners and the lenders they work with,” Leah Campbell, director of product management at Clear Capital, said. “With AURA, providers will be able to instantly begin selling access to this data, and lenders will be able to significantly reduce their appraisal review effort by automating the collateral underwriting process.”