Freddie Mac [1] has selected Clear Capital [2] to power its collateral review of appraisals submitted through the Uniform Collateral Data Portal (UCDP). Clear Capital will provide the government-sponsored enterprise (GSE) with in-depth feedback regarding the quality and accuracy of appraisals.
Using a customized version of its valuation review product, ClearQC, Clear Capital will integrate with the UCDP to align with Freddie Mac’s business requirements.
"We have been refining ClearQC for our own internal quality assurance for over a decade," said Kevin Marshall, president of Clear Capital. "It's been a part of Clear Capital's foundation, and we have seen it perform on millions of valuations. By providing a customizable version of ClearQC in the UCDP, we are working with Freddie Mac to provide a consistent approach to appraisal review and transparency on appraisal requirements."
The retail version of the company’s product offers customizable rule sets with detailed narrative and data points. ClearQC customers have the ability to evaluate appraisal data, as well as receive pre-funding feedback. The boost in information allows customers to make timely and appropriate funding decisions based on appraisal evaluations.
"By integrating our retail version, ClearQC customers can establish a consistent approach to appraisal review in order to reduce risk and uncertainty. ClearQC gives customers peace of mind that requirements have been met," Marshall said.
He continued, "The ClearQC rules are meant to both affirm well supported appraisal reports and provide feedback when conclusions may need further support. Freddie Mac and Clear Capital are very aligned when it comes to providing constructive feedback."