RENO, Nev., Dec. 19, 2018 (GLOBE NEWSWIRE) -- Clear Capital today announced a major addition to its analytics solutions with ClearAVM, a lending-grade automated valuation model (AVM) powered by an advanced machine learning engine.
“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,” said Kevin Marshall, Clear Capital’s president. “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.”
According to Marshall, Clear Capital was able to build a lending-grade AVM from the ground up because of its advancements in data processing, machine learning, and nearly 20 years of property valuation leadership. ClearAVM rounds out Clear Capital’s ability to offer solutions that best fit the valuation scenario and property, especially when combined with its other analytics solutions and network of appraisers and real estate professionals who offer in-the-field valuation and inspection expertise.
“Property valuation gets tricky in locations like Lake Tahoe, where recent comparables can be sparse, and homes are unique,” said Duane Andrews, Clear Capital’s CEO. “We designed ClearAVM to ‘think’ like a valuation professional, which means on a case-by-case basis the model can automatically look outside of a typical search radius and train itself to consider variables that may add the most value, like a property’s view. An older approach to building AVMs would have required special consideration and manually-coded rules for tricky scenarios — ClearAVM does the work automatically.”
ClearAVM is powered by Clear Capital’s continually updating database of information on nearly every U.S. property, including data from public records, the company’s proprietary data, and an ethically-sourced, high-coverage multiple listing service (MLS) data set.
“We think ClearAVM is revolutionary, and our internal and blind third-party tests can back that up,” Andrews said. “ClearAVM is benchmarked against refinance appraisals, where the answers aren’t just out there to be found. And at only four months old, those third-party tests are showing that ClearAVM is outperforming most other major AVMs — many of which have been around for decades.”
ClearAVM is available to order today in bulk or on demand. Clear Capital is also offering a free trial to new ClearAVM customers. Those interested in learning more about Clear Capital’s philosophy on AVMs can read the company’s newest white paper, “Embracing the Next-Generation AVM.”
About Clear Capital
Clear Capital is the premier provider of real estate valuation, analytics, and technology solutions. Powered by its more than 45 years worth of information on nearly every U.S. metro, neighborhood, and property, Clear Capital’s solutions are trusted by community credit unions and billion-dollar financial institutions alike. Clear Capital is headquartered in Reno-Tahoe with a team of more than 500 nationwide, dedicated to going wherever it leads, and doing whatever it takes. Discover more at www.clearcapital.com.
Media Contact
Matt Lush
Clear Capital
775-351-6244
matt.lush@clearcapital.com
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