Clear Capital recently launched ClearInsight+, a technology-enabled set of valuation products to support Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report), a new offering for certain loan types. Freddie Mac began offering ACE+ PDR in mid-July, Clear Capital announced in a press release.

Freddie Mac began allowing lenders to originate cash-out and certain no cash-out refinance loans without an appraisal. With ACE+ PDR, property information is physically collected on-site by trained data collectors using a Freddie Mac PDR dataset in place of an appraisal.

 “In cases when a PDR states required C5 or C6 repairs, lenders must obtain a completion report that verifies the repairs have been made. In cases when the PDR notes a professional inspection needs to be performed, a licensed professional in that particular field, such as a plumber or pest inspector, must perform the inspection,” Clear Capital stated. “The lender then must obtain either a signed report that states the repairs are not required, or a signed report or invoice stating the repairs are completed and the issue has been corrected. In certain situations, if the review of the PDR reveals certain characteristics or conditions that make the property ineligible for the offering, the lender may upgrade to a hybrid appraisal (Freddie Mac Form 70H) or traditional appraisal.”

Backed by a vast experience in GSE appraisal modernization, Clear Capital’s ClearInsight+ and Hybrid Appraisal are designed to address each scenario and support a complete Freddie Mac ACE+ PDR implementation among mortgage lenders nationwide.

 “We applaud Freddie Mac for their commitment to appraisal modernization and efforts to drive change in our industry,” Clear Capital CEO Duane Andrews said in the release. “The ACE+ PDR solution will help streamline processes, increase property data accuracy, and ultimately save lenders and borrowers time and money. We’re pleased to support Freddie Mac to offer lenders a comprehensive set of dependable property valuation products they need to adopt ACE+ PDR, all in one spot.”

 Freddie Mac Single-Family Strategic Technology Partnerships Director Daniel Miller expressed his comments about this alignment.

“We are thrilled to announce the addition of Clear Capital to our list of verified software partners supporting our PDR dataset,” Miller said. “Clear Capital and their network of trained data collectors and experienced appraisers support bringing our ACE+ PDR solution to market in a meaningful way.”