Government-sponsored enterprise (GSE) Freddie Mac has chosen Clear Capital's ClearQC valuation review product to power its collateral review of appraisals submitted through the Uniform Collateral Data Portal (UCDP).
In addition, Clear Capital will be providing Freddie Mac with in-depth feedback regarding the quality and accuracy of the appraisals it receives.
To do this, Clear Capital had to create a custom version of ClearQC, which was then integrated with the UCDP. This included updating the workflow and business intelligence features to align with Freddie Mac business requirements.
‘We have been refining ClearQC for our own internal quality assurance for over a decade,’ says Kevin Marshall, president of Clear Capital, in a release. ‘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 says.
‘The ClearQC rules are meant to both affirm well-supported appraisal reports and provide feedback when conclusions may need further support,’ he adds. ‘Freddie Mac and Clear Capital are very aligned when it comes to providing constructive feedback.’