ClearAVM provides users with mortgage appraisals that are updated every hour
LenderClose has announced its integration with Clear Capital’s automated valuation model, ClearAVM, to provide its users with hourly mortgage valuations.
ClearAVM provides appraisals of almost all properties in the United States using public records, Clear Capital’s proprietary data, and multiple listing service (MLS) analytics. According to the company, the database that powers ClearAVM’s modeling engine is updated every hour.
LenderClose also announced plans to expand the integration of Clear Capital offerings, including commercial evaluations, to its platform later this year.
“We knew we had to rethink the traditional approach to building AVMs, which actually relies on highly manual methods that have trouble keeping up with rapidly evolving needs,” Clear Capital President Kevin Marshall said. “By embracing machine learning, ClearAVM can quickly and automatically find the best path to an accurate valuation for any particular scenario by training itself on Clear Capital’s unique data set.”
