Two property valuation tools from mortgage giant Freddie Mac are now available to lenders and third-party resellers such as appraisal management companies, data providers and due diligence firms through real estate data and valuation firm Clear Capital.
Clear Capital has been named a master distributor of Freddie Mac's home value products, Home Value Explorer and Home Value Calibrator. That means the Truckee, Calif.-based firm can offer the products to both end users and third-party resellers, the firm told Inman News.
Clear Capital joins CBC Companies, CoreLogic Inc., Equifax Mortgage Services, DataQuick and Lender Processing Services Inc. on Freddie Mac's distributor network.
HVE and Calibrator were first offered through approved distributors in 1997, after Freddie Mac had been using the tools internally for years.
HVE is an automated valuation model (AVM) that delivers an estimated property valuation in seconds and covers more than 3,100 counties in all 50 states with a database of about 81 million property records, Clear Capital said.
Clear Capital offers HVE as a standalone AVM; a rule set in ClearQC, its automated valuation review service for loan originators, servicers and investors launchedin March 2012; or coupled with the firm's Property Condition Inspections.
Calibrator flags loans with potentially inflated valuations by measuring the risk that an appraisal or other property valuation exceeds actual market value by at least 10 percent, the company said.