Real estate data and valuation firm Clear Capital has launched an automated valuation review service for loan originators, servicers and investors, the company announced Wednesday.
Based on Clear Capital’s own internal quality assurance system, ClearQC evaluates appraisals and broker price opinions (BPOs) from any provider for factors such as the "selection of comparables, price conclusions, the effect of market trends, and the completeness and validity of data," the company said.
The company scores valuation reports using multiple listing service data, public records, and its own proprietary market and comparables data. Clients pay per report and the cost depends on the type of valuation report to be reviewed and the method of integration with the customer’s management or servicing platform, Clear Capital said.
ClearQC provides Clear Capital’s clients with "confidence that they are spending the time reviewing the loans that have the highest potential for valuation risk or quality issues. This shortens review cycles, lowers their review costs, and drives up the confidence they’ll have in their investment decisions," said Kevin Marshall, Clear Capital’s president and co-founder, in a statement.