Our automated appraisal underwriting risk analyzer, AURA®, is now available on the Encompass Partner Connect™ API Platform. Read on to learn more about AURA, Encompass® by ICE Mortgage Technology®, and other Clear Capital products that are available through the platform.
What is AURA?
AURA is an intelligent automated collateral underwriting review tool that aggregates all the data necessary to fully analyze the risk of an appraisal. AURA provides an easy-to-read summary report — reducing review efforts by 50% or more.
With AURA, you can fully analyze an appraisal without performing manual review or searching elsewhere. AURA supports automated collateral review on Uniform Residential Appraisal Reports in XML and PDF formats.
The AURA Report Summary PDF gives lenders a centralized assessment of risk in a cost- and time-efficient manner. The PDF includes results from public records, local market insights, ClearCollateral® risk scores, ClearQC® rules, and ClearRank™ comparables.
Tap into AURA’s valuable review tools:
- ClearQC® highlights concerns within a valuation to direct the reviewer’s efforts and shave time off the process. It runs 85+ rules on each appraisal to check for completeness and consistency, errors in photos and sketch, property condition, and more.
- ClearPhoto® is a powerful set of AI-driven rules that automates the review of property photos and sketches and confirms they are aligned with the appraisal data. ClearPhoto significantly reduces time spent identifying photo-related error(s) by instantly checking for property photos’ accuracy and quality.
- Condition model uses AI to assess a property’s condition using appraisal photos and property data, then compares the condition to the appraiser’s C-rating to flag discrepancies.
- Risky terms help reviewers detect bias within the appraisal by scanning for problematic language.
- Rule configurability allows users to configure AURA’s powerful rulesets to meet their exact needs. Create custom rulesets and configure weights and thresholds to run only certain rules on certain appraisals, or place more emphasis on certain rules.
- ClearCollateral® Scores, including our Valuation Accuracy Score, Valuation Confidence Score, and Report Quality Score offer a holistic view of an appraisal’s accuracy and quality alongside our confidence in the valuation.
- Comparables help understand the risk of over- or under-valuation via the sales comparison approach.
What is Encompass by ICE Mortgage Technology?
Encompass is a digital lending software available through ICE Mortgage Technology. Encompass enables loan officers to close loans faster, originate more loans, reduce time to close, and create improved borrower experiences. Lenders and investors who use Encompass can also ensure compliance, maintain a single system of record, and gain a competitive advantage.
Learn more about Encompass on the ICE Mortgage Technology website, www.icemortgagetechnology.com/products/encompass.
What other Clear Capital products are available on the Encompass platform?
Encompass users can access the following Clear Capital products through Encompass:
ClearAVM™ — ClearAVM is one of the highest rated lending-grade automated valuation models (AVM) on the market. We test ClearAVM against closed sale and refinance appraisal benchmarks. It is internally evaluated and blind-tested by reputable third parties. Investors, lenders, and regulators rely on ClearAVM’s accuracy.
Universal Data Collection® (UDC®) — A property data collection service that supports appraisal modernization by enabling lenders to implement Fannie Mae’s Value Acceptance + Property Data and Freddie Mac’s ACE+ PDR. UDC helps save lenders 50% in time and costs compared to traditional appraisals.
Collateral Desktop Analysis (CDA®) — CDA re-evaluates an appraisal so you can deliver a comprehensive loan file quickly. Access comprehensive appraisal review and analysis for any time period. CDA efficiently determines if the appraisal under review is supported.
Desktop Appraisal — Our Desktop Appraisal delivers a reliable opinion of value for single-family purchase loans using a 1004 Desktop/70D appraisal. It features turn times that are up to 50% faster than a traditional appraisal, price certainty, and trustworthy data.
Hybrid Appraisal — Our GSE-compliant 1004 Hybrid/70H Appraisal delivers a reliable opinion of value for home purchase and refinance loans nationwide. It is agency approved, lender-tested, and built on a real-time, integrated technology platform.
Traditional Appraisal — Traditional Appraisal solutions fit a variety of lending needs. It suits conventional loans, refinances, home equity lending, and everything in between. Our appraiser partners deliver quality, clarity, and reliability.
Property Condition Inspections (PCI) — Access rapid condition updates on residential and commercial properties from experienced and trained professionals with our PCI. Local residential and commercial brokers collect property data to deliver a clear, risk summary report. PCIs visually highlight factors that could influence your property’s marketability.
Post Disaster Inspection (PDI) — Estimate damages and repair costs with a Post Disaster Inspection. Find peace of mind with two-day report turn times. A PDI helps experts understand impacts to the neighborhood after floods, fires, hurricanes, tornadoes, and other disasters.
Residential Broker Price Opinion (BPO) — Our Residential BPO is the ultimate alternative to an appraisal for servicing, origination, and investments. The data-rich BPO reports provide a clear understanding of the subject property for confident investment decisions.
Residential Evaluation — Residential Evaluation is for loan amounts less than $400,000, including HELOCs, loan modifications, bank regulator requirements, and more. It is fully IAEG-compliant.
Start using Clear Capital through Encompass.
To use Clear Capital’s products with ICE Mortgage Encompass, add Clear Capital as a service provider in Encompass. You can complete this using the Administrator application through the Desktop Version or Web Version of Encompass.
After adding Clear Capital to your Encompass account, users can use the Desktop Version or Web Version of Encompass to place, manage, and view orders.
Email sales@clearcapital.com to learn more about how to get started. We’d be happy to assist you and provide our Clear Capital Encompass® by ICE Mortgage Technology® User Guide.
