Real estate valuation technology company Clear Capital unveiled an automated underwriting risk analyzer solution called AURA on Tuesday. AURA integrates appraisal quality analytics driven by machine learning and photo AI into loan origination and order management platforms.
Through the AURA API solution, technology partners can provide lenders with a consolidated version of all the necessary data to assess the risk associated with an appraisal. This includes delivering a detailed summary report and automated underwriting capabilities. These features ensure compliance with internal credit policies, government sponsored enterprise (GSE) guidelines and investor overlays, thereby expediting the loan closure process.
Clear Capital said AURA can also play a pivotal role in preventing repurchase requests by incorporating findings from the Uniform Collateral Data Portal (UCDP) and other investor-specific rules. These insights are presented to reviewers during the initial appraisal review, minimizing potential errors and compliance issues.
For order management systems, loan origination systems, and other tech partners, AURA can be a one-stop shop for all appraisal review data and integrate Clear Capital’s data and valuation accuracy scores into their own technology solutions.
“Through AURA, Clear Capital has created a more streamlined and approachable way to review and apply data to the appraisal and mortgage loan underwriting,” said Duane Andrews, CEO of Clear Capital. “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.”
One key feature of AURA is ClearPhoto, a robust set of AI-driven rules that automate the review of property photos. This technology ensures that property photos are aligned with the appraisal sketch and data, significantly reducing the time spent identifying any photo-related errors, Clear Capital said in a press release.
Key features of AURA include:
AURA PDF: An exportable PDF containing rules, scores, and comparables that aid lenders in understanding appraisal risk.
ClearCollateral Scores: This encompasses Clear Capital’s Valuation Accuracy Score, Value Confidence Score, and Report Quality Score, designed to evaluate appraisal quality and flag valuation risk.
ClearQC: Access to Clear Capital’s ClearQC rules engine, which includes pre-check rules for completeness and consistency, ClearPhoto AI-driven rules for identifying inconsistencies, and property condition assessment based on photos.
Condition Model: AI rapidly assesses property condition using appraisal photos and data, comparing it with the appraiser’s condition rating to detect discrepancies.
Ranked Comparables List: Analyzes MLS data and ranks comparables, aiding reviewers in evaluating the accuracy of the sales comparison approach.
Risky Terms: Detects bias within the appraisal by scanning for problematic language, helping identify potential issues.
“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,” said Leah Campbell, director of product management at Clear Capital
Clear Capital introduced its Property Valuation API in June 2022. This year, Clear Capital launched Universal Data Collection in March to support Fannie Mae‘s Value Acceptance + Property Data program and Freddie Mac’s ACE+ PDR solution.
This content was generated using AI and was edited by HousingWire’s editors.
