Clear Capital unveiled its Modern Appraisal Program, giving lenders turnkey access to the industry’s emerging bifurcation initiatives for origination loans, the company announced in a release.
The program is live nationwide and already being used to complete several thousand transactions per month on origination loans, with aggressive expansion planned throughout 2019 and beyond.
“The ongoing technology, data, and process investments we make to support lenders, investors, and their customers made it possible to adapt our lean valuation manufacturing processes for appraisal modernization,” Clear Capital President Kevin Marshall said in the release. “In fact, we’ve been performing pilots and refining tools and methods for more than two years on thousands of loans. With the entire lending industry moving toward the full digital mortgage, now is the time for thoughtful evolution in the appraisal space.”
Modern Appraisal Program uses ClearInspect, a mobile app. Complementing ClearInspect is a data collection certification program that successfully certified nearly 400 new data collectors in the art and science of property measurement, sketching, data capture, and more, with more certifications on the way, the company said.
Clear Capital’s Modern Appraisal Program supports the use of appraisers and non-appraisers alike in the property data collection process.
“Our Modern Appraisal Program is the result of years of building strong partnerships with lenders and the GSEs, countless hours of research and tech development, and a dedication to pioneering the future of real estate valuation,” said Jeff Allen, executive vice president of valuation strategy at Clear Capital.