Real estate valuation technology provider Clear Capital on Thursday launched Universal Data Collection (UDC), a product designed to support appraisal modernization. The UDC product provides lenders with tools for scalability, interchangeability and loan management, according to a statement.
UDC will provide fast and accurate collection of data, pursuant to Freddie Mac and Fannie Mae data standards, when lenders receive “loan eligibility for agency loan programs that allow for an inspection-based appraisal waiver,” according to the statement
The company said UDC will act as the singular product to satisfy appraisal modernization policy changes in “a fraction” of the cost and “half the time” needed for a traditional appraisal.
“Simplicity of implementation is at the heart of Universal Data Collection, and we focused on removing adoption and loan management hurdles that have been so common in the traditional appraisal process to create a product that will help facilitate the future of appraisals,” said Dan McAlister, Clear Capital’s director of product management, in the release.
UDC is supported by ClearInsight Platform, Clear Capital’s mobile property data collection application, which allows real estate professionals to generate digital pictures of homes in a short span of time. The new solution also leverages Clear Capital subsidiary CubiCasa’s software to produce digital floor plans.
The new product supports Fannie Mae’s newly announced Value Acceptance + Property Data program, according to the statement. UDC will also support Freddie Mac’s ACE+ PDR solution for lenders to scale their business.
The company claims UDC will also provide flexibility, as eligible loans can be transferred to the agency, along with the loan program that meets a borrower’s needs. The property data collection solution will manage loans and their adoption through order management integrations, website ordering and API ordering.
Clear Capital – the 2022 HousingWire Tech100 mortgage company, founded in 2019, has completed more than 250,000 data collections for agency loans, which utilize appraisal modernization programs. The company has a panel of more than 4,200 brokers and agents, allowing lenders to provide 97% coverage nationwide.