ClearAVM offers accurate property valuations for more than 124 million properties enabling confident decision-making
RENO, NV / ACCESSWIRE / December 10, 2020 / Clear Capital®, a real estate valuation and analytics fintech innovator, today announced the expansion of its valuation offerings to lenders by making ClearAVM available through the Ellie Mae® Digital Lending Platform. ClearAVM, Clear Capital's highly-accurate automated valuation model (AVM), provides loan originators with the ability to develop a well-informed estimate of the property value before loan closing.
In the wake of the COVID-19 pandemic, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced they would allow the deferral of certain appraisals and evaluations for up to 120 days after the closing of residential or commercial real estate loan transactions through December 31, 2020. According to HousingWire, regulators stated that while appraisals and evaluations can be deferred, the agencies expect institutions will leverage best efforts and available information to develop a well-informed estimate of the subject property's collateral value.
"Giving loan originators easy access to ClearAVM demonstrates Clear Capital's commitment to enabling confident decisions during a challenging time," said Duane Andrews, CEO and Co-Founder of Clear Capital. "ClearAVM is a highly valuable tool that will enable loan originators to receive a highly accurate, estimated value that will give them an additional layer of confidence before the loan closes."
As one of the industry's leading lending-grade AVMs, ClearAVM provides values for more than 124 million properties, which are updated frequently using near-real-time data. ClearAVM's high accuracy is fueled by machine learning and fresh benchmarks to adjust for current market conditions, the dynamic clustering of comparable properties and consideration of often-overlooked characteristics.
"The fact that ClearAVM has recently outperformed long-term incumbents and new entrants in accuracy and hit rate, according to Fitch Ratings, is good news for the industry," said Kenon Chen, Executive Vice President of Corporate Strategy at Clear Capital. "A modern AVM backed by strong appraisal fundamentals and data gives the industry better options for navigating today's rapidly changing environment. Through Encompass®, originators will now have access to an essential digital tool with greater transparency, efficiency and speed - all while reducing any risks associated with the COVID-19 pandemic."
Visit https://www.clearcapital.com/ellie to download a product ordering guide or contact 530-550-2525 to learn more.
About Clear Capital:
Our story began in the mountain town of Truckee, California nearly 20 years ago, when we pioneered delightfully simple, web-based valuation technology solutions for an industry relying on paper. Today, we're grateful to call the nation's largest banks and financial institutions our customers. We've grown to more than 700 team members who share and embody our unwavering commitment to build a better way. As we continue our journey to modernize valuation, we'll hold on to our promise from day one: to go wherever it leads and do whatever it takes to serve our customers with remarkable technology and uncompromising service. Discover more at ClearCapital.com.
Media Contact:
Michelle Mead
Caliber Corporate Advisers for Clear Capital
michelle@calibercorporate.com
888-550-6385, ext. 7
SOURCE: Clear Capital
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https://www.accesswire.com/619977/Clear-Capital-Provides-Loan-Originators-with-Easy-Access-to-ClearAVMTM-through-the-Ellie-MaeR-Digital-Lending-Platform
