Clear Capital recently announced that AURA, its artificial intelligence (AI) driven collateral analyzer, now supports Uniform Appraisal Dataset (UAD 3.6.
AURA automates the risk assessment of appraisals, according to a release, improving the quality and accuracy of 3.6 appraisals for lenders, appraisal firms and investors as the industry adapts to this new standard.
UAD 3.6 establishes a new set of standards for how appraisals are reported, moving away from fixed forms and establishing a singular, dynamic, data-driven Uniform Residential Appraisal Report (URAR) structure.
The resulting innovation provides the appraisal space with improved data standardization that allows Clear Capital to automate more of the review process to provide a consistent and thorough risk assessment.
“The introduction of UAD 3.6 is a significant improvement that will impact every stage of an appraisal cycle and the entire industry from automating capabilities to mitigating risk and increasing overall quality,” Leah Campbell, director of product at Clear Capital, said in the release. “As the first form update in two decades, this new standard transforms how property data is collected, structured and validated. AURA will handle all of the heavy lifting by automatically flagging appraisal risk so our customers can focus on decisions, not gathering data.”
With AURA, lenders, investors and appraisers get an instant risk assessment and decision, streamlining appraisal review and reducing time and cost.
"All parties involved in the appraisal ecosystem will be required to adopt the latest standards for UAD 3.6 simultaneously, creating a demand to learn and onboard the new process quickly," Kenon Chen, executive vice president of strategy and growth for Clear Capital, said. "Designed as a forward-looking platform, we have the utmost confidence that the latest AURA capabilities will enable our clients to stay ahead of regulatory shifts and competitive pressures and allow lenders, appraisers, and investors to transition to the new appraisal format seamlessly."
UAD 3.6 entered its limited production phase on Sept. 8, and currently, a select group of lenders is testing the new environment.