Clear Capital announced the launch of ClearPhoto, a set of artificial intelligence-driven rules built into ClearCollateral Review, which automates the review of property photos and ensures they are aligned with appraisal data and sketches. ClearPhoto uses technology to highlight the right files automatically so that mortgage underwriters can make more efficient and informed decisions. Through ClearPhoto, features added to ClearCollateral Review include confirmation that each photo is correctly labeled; validation that the number of unique rooms shown in images matches the appraisal data for bedrooms, bathrooms and kitchens; and validation that the number of bedrooms, bathrooms and kitchens in the sketch matches the appraisal data.
Planet Home Lending added a location in Rockford, Illinois, with a new team run by branch manager Bruce Biggers.
United Wholesale Mortgage (UWM) expanded its MI Buster product to include rate-and-term refinances as an additional option for borrowers. Through the program, current homeowners with a loan-to-value ratio between 80.01% and 89.99% and loan amounts of at least $200,000 can lower their monthly payment by dropping their existing mortgage insurance when they refinance. MI Buster was launched by UWM last month exclusively as a purchase loan product.