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68 CLEAR CAPITAL ANNOUNCES AUTOMATED APPRAISAL PHOTO REVIEW INNOVATION Clear Capital, a national real estate valuation technology company, has announced the innovation of ClearPhoto™, a powerful set of AI-driven rules built into ClearCollateral® Review, automating the review of property photos and ensuring they are aligned with the appraisal data and sketch. e technology was developed by Clear Capital's data science team to further streamline the appraisal process and equip lenders with technology that powers low-risk, high-quality decisions. At a time when the cost of underwriting has skyrocketed because of labor shortages and overall demand, lenders are looking for solutions to use human expertise in a more targeted way. ClearPhoto uses computer vision technology to highlight the right files automatically so underwriters can make more efficient and informed decisions. ClearCollateral Review is now enhanced with automated critical checks throughout the appraisal review process, including: » Confirmation that each photo is correctly labeled » Validation that the number of unique rooms shown in imagery matches the appraisal data for bedrooms, bathrooms, and kitchens » Validation that the number of bedrooms, bathrooms, and kitchens in the sketch matches the appraisal data "One of the last-remaining, untamed areas of the appraisal process is the understanding of photo quality, and most lenders and AMCs are manually reviewing photos with inconsistent, slow, and wildly expensive processes," said Jeff Allen, EVP of Innovation Labs at Clear Capital. "Employing computer vision and machine learning help streamline the inspection process, lower the cost of collateral underwriting, and reduce the time it takes to get collateral approval. e technology is part of our broader efforts to digitize appraisals and empower the industry to make better underwriting decisions." Erik Allen, Clear Capital's Chief Data Scientist, said the company's existing platform, capabilities, and unique set of data made the decision to pursue the development of photo AI and automated review a natural next step. "Our proprietary technology is currently making nearly one million automated underwriting decisions per month, so we really have a firm grasp on what automation can and should look like when it comes to appraisal review," Erik Allen said. "Our photo review suite is made up of four machine learning models that can review and analyze thousands of photos in our dataset quickly and accurately. e technology has the ability to provide important context in photos, which helps achieve higher-quality appraisals and better underwriting decisions." e ClearPhoto technology was conceptualized through the in-house innovation hub, ClearLabs™. is hub allows the company to research, test, and launch new solutions designed to advance the real estate and mortgage industries. e technology is currently being piloted internally and with select strategic partners, who have received early access to review its capabilities. Starting in Q1 2022, automated photo review will be available through ClearCollateral Review, a one-stop solution to bring automation and efficiency to the collateral underwriting review process. Industry Updates From mergers and acquisitions to cutting-edge tech tools and solutions, here's the company news the industry is talking about this month.