Clear Capital, the national real estate valuation technology company, announced a partnership with LenderX, a real-estate valuations SaaS provider, “to deliver its lenders access to AURA, Clear Capital’s automated collateral underwriting solution.”
LenderX is the first Clear Capital partner “to provide lenders with access to AURA, giving them a competitive advantage in streamlining the traditional and hybrid appraisal review process.”
The AURA API solution allows LenderX “to provide a streamlined collateral review process that is fully integrated within the LenderX valuations management system.”
AURA is designed to “complement the use of UCDP/EAD results and allows LenderX customers to control automated ordering based on criteria like agency, loan type, loan amount, estimated value, investor, and Fannie Mae Collateral Underwriter (CU) score.”
The automated AURA report is “available within LenderX, and through LenderX-integrated LOS platforms including Encompass® and AIQ by ICE Mortgage Technology, Byte, MeridianLink Mortgage (formerly LendingQB), Constellation Mortgage Solutions and SimpleNexus.”
Randy Favero, CEO of LenderX, said:
“This partnership with Clear Capital is part of our ongoing efforts to provide our lender customers with access to the best valuation solutions and products in the industry. Direct integrations such as AURA equip our customers with market-leading solutions today, and position them for the appraisal and valuation modernization changes being implemented by the agencies.”
With AURA, lenders are given “an actionable report on the possible risks of an appraisal and whether the system believes a property is over or undervalued.”
AURA includes ClearCollateral Scores “for valuation accuracy, valuation confidence, and report quality, as well as the ClearQC rules engine that runs more than 100 multi-step rules on the appraisal.”
AURA reports are driven “by ClearPhoto, which adds a new layer of review to appraisals by leveraging AI to reduce inconsistencies within photos, labels, and sketches as well as assist in determining the condition of the property in question. AURA verifies the appraisal information with external data sources including local market insights to provide reviewers and underwriters the ability to fully assess collateral risk and report quality.”
Duane Andrews, CEO of Clear Capital, said:
“With the data and analysis AURA provides, lenders will be able to significantly reduce the amount of time spent in the appraisal review process, and homebuyers can feel more secure in their understanding of what a property is worth. Ultimately, AURA creates a more seamless appraisal review experience, helping lenders avoid costly repurchase requests and minimize appraisal revision requests.”
AURA is a cumulation of Clear Capital’s more than 20 years of “creating and reviewing appraisals, as well as the company’s steadfast commitment to move appraisals into the future by making the process increasingly digital.”