Clear Capital, the real estate valuation tech company, announced the integration of AURA, its appraisal underwriting risk analyzer tool, through Encompass Partner Connect, the API framework for mortgage tech from Intercontinental Exchange (ICE).
This framework enables industry participants to “integrate with ICE solutions and provide their services to loan originators and servicers through secure API-enabled technology.”
Available via the Marketplace in the ICE digital lending platform, lenders in Encompass by ICE Mortgage Technology can “access AURA directly in their loan origination system (LOS), reducing review time by 50% or more and allowing them to close loans faster.”
Clear Capital’s AURA is an automated review tool for collateral underwriting that “aggregates all the data necessary to fully analyze the risk of an appraisal, providing lenders with a summary report in five minutes or less.”
Through a risk-based approach, AURA’s use of tools and data enables customers to identify if “appraisals fairly and accurately value properties by highlighting potential risks quickly and early in the review process.”
A function of AURA is its capabilities in conjunction with Clear Capital’s analytics and AI-driven tools that “improve the review process.”
These include:
- ClearPhoto, a set of AI-driven rules that automate the review of property photos and sketches to confirm alignment with appraisal data. ClearPhoto minimizes the time spent identifying discrepancies by instantly checking the accuracy and quality of the property photos.
- Condition Model, which uses AI to assess property condition by leveraging appraisal photos and property data, and compares it to the appraiser’s C-rating to flag discrepancies.
- ClearAVM, Clear Capital’s AI-powered automated valuation model, measures valuation accuracy by instantly confirming whether the appraised value aligns with market comparables.
The result is the AURA Report Summary PDF, a “conglomeration of results from public records, local market insights, ClearCollateral risk scores, ClearQC® rules, and ClearRank comparables.”
The AURA Report Summary PDF gives lenders a “centralized assessment of risk based on various data and analytics in a cost- and time-efficient manner.”
Dan McAlister, Vice President of Product at Clear Capital said:
“Reviewing the appraisal is a critical step in underwriting, and when the underwriter needs to leave the LOS system and provide a manual review, it adds unnecessary time to the process. Through this integration, lenders will now have the ability to set up automated ordering to receive AURA on every appraisal automatically in Encompass, saving time in the appraisal review process. Together, Clear Capital and ICE Mortgage Technology are simplifying access to world-class valuation products.”
AURA is the latest Clear Capital product to “integrate into the Encompass platform.”
Additional products available to lenders “include ClearAVM, Universal Data Collection (UDC), Collateral Desktop Analysis (CDA®), Desktop, Hybrid, and Traditional Appraisals, Property Condition Inspections (PCI), Post-Disaster Inspection (PDI), Residential Broker-Price Opinion (BPO), and Residential Evaluation.”
Encompass Partner Connect enables the “integration of third-party products and services with ICE Mortgage Technology solutions.”
ICE does not own, control, “nor endorse any specific industry participant or the product/service provided.”
Loan originators and servicers are responsible for “vetting, selecting, and contracting with the providers of their choosing.”
Clear Capital is a national real estate valuation technology company with a purpose: to “build confidence in real estate decisions to strengthen communities and improve lives.”
Their goal is to provide customers with “a complete understanding of nearly every U.S. property through field valuation services and analytics tools, and improve their workflows with their platform technologies.”