Real estate valuation technology provider Clear Capital announced on Thursday an expansion of its partnership with CoreLogic. Through the expanded partnership, Clear Capital’s recently launched Universal Data Collection product will be available for order and fulfillment through CoreLogic’s suite of Valuation Workflow Solutions.
“The key to appraisal modernization is wide-spread adoption, and alongside CoreLogic, we are expanding access to modern appraisal tools with the aim of pushing the mortgage industry closer to this new standard,” Kenon Chen, Clear Capital’s executive vice president of strategy and growth, said in a statement. “We have been long-time partners with CoreLogic, and we are looking forward to continuing to collaborate as we advance appraisal modernization together.”
According to Clear Capital, the UDC assists lenders in modern valuation and appraisal readiness. Through this integration, lenders will be able to order from Fannie Mae or Freddie Mac without needing to recollect data, as the UDC ensures that data standards are met for both the Fannie Mae Property Data Collection product and the Freddie Mac Property Data Report.
Clear Capital says that this allows the data to be quickly transferred to the agency with the loan program that best meets the borrower’s needs.
“At the root of our alliance is simplifying ordering and creating an efficient set-up and implementation process for lenders,” Bob Jennings, CoreLogic’s executive of platforms, collateral, and risk solutions, said in a statement. “Clear Capital and CoreLogic have supported the industry together for some time now, and this expansion of our relationship is a natural next step as the industry embraces a more modern approach to valuations.”
In addition, Clear Capital says that their tool is available “at a fraction of the cost of a traditional appraisal, and completed in half the time.”
Over 1,400 of the country’s mortgage lenders already use CoreLogic’s Valuation Workflow Solution, and Clear Capital currently serves over 70 market lenders through its integrations into CoreLogic’s platform, according to the release.
