Freddie Mac to adopt new appraisal review program
Monday, April 07, 2014
Clear Capital, a provider of data and solutions for the mortgage finance industry, has been selected by Freddie Mac to power its collateral review of appraisals submitted through the Uniform Collateral Data Portal (UCDP) and to provide the government sponsored enterprise with in-depth feedback regarding the quality and accuracy of the appraisals.
Clear Capital will integrate a customized version of its valuation review product, ClearQC, with the UCDP. Clear Capital is customizing its ClearQC workflow and business intelligence 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.”
Clear Capital’s retail version of ClearQC offers customizable rule sets with detailed narrative and data points on each rule run. This gives ClearQC customers the ability to evaluate appraisal data and receive pre-funding feedback. Actionable, informative and specific messages help customers make timely and appropriate funding decisions based on high-quality appraisal evaluations, scored and validated against a vast repository of third-party data.
“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.
“The ClearQC rules are meant to both affirm well-supported appraisal reports and provide feedback when conclusions may need further support,” Marshall added. “Freddie Mac and Clear Capital are very aligned when it comes to providing constructive feedback.”
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