LenderClose Integrates Clear Capital's ClearAVM
Addition of leading automated valuation model further expands the breadth of digital tools available to community lenders through the LenderClose platform
WEST DES MOINES, Iowa, October 10, 2019 (Newswire.com) - Two top lending technology providers today announced a partnership that further streamlines lender access to all the digital tools it takes to underwrite, approve and service real estate loans. LenderClose has integrated Clear Capital’s ClearAVM, a lending-grade automated valuation model (AVM) that consistently outperforms nearly all other major AVMs.
AVMs typically use data science and modeling techniques to produce an estimate of the current market value of a property. Clear Capital’s ClearAVM uses public records, proprietary Clear Capital data and nationwide multiple listing service (MLS) analytics to generate its estimates, making it one of the most comprehensive and accurate models on the market. The database that fuels ClearAVM's modeling engine is updated hourly, which means ClearAVM users receive valuations that take advantage of the freshest information available.
Because traditional appraisals can be one of the largest origination costs for lenders, many community financial institutions turn to AVMs as a cost-saving measure when the situation is appropriate.
Credit union and community bank lenders typically rely on AVMs for three primary use cases: home equity lending, mortgage and home equity line of credit (HELOC) portfolio valuation, and pre-qualification for consumers in the early stages of the borrower journey. Integrating ClearAVM access into the LenderClose platform expands the number of tasks loan officers can complete inside a single sign-on interface.
LenderClose and Clear Capital plan to expand integration of Clear Capital solutions into the platform, beginning with commercial evaluations later this year. The demand for AVMs in commercial lending is expected to increase among the nation’s community lenders. That’s because the National Credit Union Administration (NCUA) in August raised the threshold for required appraisals in commercial real estate transactions from $250,000 to $1 million.
LenderClose is a powerful platform that digitizes the underwriting process and speeds up the lending cycle. The web-based hub gives lending staff instant access to the latest real estate lending technology, products and solutions so they can become dominant lenders in their local markets. To learn more, follow LenderClose on LinkedIn or at lenderclose.com.
About Clear Capital
Clear Capital is pioneering the future of real estate valuation, analytics, and platform technology solutions. Powered by its nearly 50 years' worth of information on nearly every U.S. metro, neighborhood, and property, Clear Capital’s solutions are trusted by the smallest community credit unions and the nation’s largest financial institutions alike. Clear Capital is headquartered in Reno-Tahoe, Nevada, with a team of nearly 600 nationwide, dedicated to going wherever it leads, and doing whatever it takes. Discover more at ClearCapital.com.
Matt Lush (for Clear Capital)
Kelly Moore (for LenderClose)
Categories: Lending and Borrowing