Faster lending decisions with Instant Insured Property Valuations

For mortgage lenders, improving internal operating efficiency and delivering an enhanced customer experience often go hand in hand. If you can find a way to improve your processes to deliver faster decisions, you save time and money for your business and deliver greater confidence and certainty to your customers.

Creating operational efficiencies isn’t always easy of course. It can take months of analysis, restructuring teams and process development. On occasion, however, it can be very straightforward – with an off-the-shelf solution that changes the way you manage your business.

Introducing VerifyQ

Accelerate mortgage originations with confidence

VerifyQ transforms how lenders approach mortgage origination. The service harnesses our data modelling capability at CLSQ, combine with the backing of a leading insurer to provide robust data interrogation and insured decision on property valuations.

This unique approach provides lenders with recourse against loss should the property be repossessed, enabling mortgage decisions in principle (DIPs) with unparalleled confidence levels and enhanced capital risk protection.

For lenders, this reduces the need for desktop and physical valuations by providing insurance against loss at repossession, backed by Aviva. The result is an enhanced customer journey, with a more accurate and de-risked process that helps lenders to provide faster mortgage offers. It also helps to reduce a lender’s carbon footprint, supporting greater sustainability in the mortgage sector.

How it works

VerifyQ validates a property’s valuation using a purpose-built insurability model that incorporates a range of data sources and lending criteria. This robust decisioning uniquely provides the industry’s first AA- rated insurance against loss for an automated valuation, underwritten by Aviva for a term of up to 5 years against losses on the outstanding loan amount in the event of a repossession.

By combining CLSQ’s advanced data modelling expertise with AA- rated insurance from leading insurer Aviva, the service provides a robust and reliable property valuation process. This innovative approach allows lenders to make decisions in principle (DIPs) more quickly while protecting against potential losses in case of repossession.

The benefits

Here are some of the benefits to lenders of VerifyQ:

• Instant Insured Property Valuations – eliminate delays and uncertainty.
• Reduced physical valuations - minimise the need for traditional inspections.
• Enhanced customer journey - streamline the mortgage process, deliver faster and more accurate offers to borrowers.
• Aviva Underwritten Insurance - AA- rated protection against losses.
• Capital risk protection - reduce the risk of loss if a property is repossessed.
• Eco-friendly approach - support sustainability by cutting down on physical property valuations.
• Unique and unrivalled service – our unique insurability model, integrates multiple data sources and lending criteria.

VerifyQ in action

Here’s what Rob Stevens, Head of Property Risk at Nationwide, had to say:

“Nationwide Building Society has used CLSQ’s extensive property data services as part of its mortgage processing for a few years now, and in the process, we have built a strong collaborative relationship with them. When they introduced their VerifyQ instant insured property valuation product, I could see the potential to increase automation and needed them to prove it. For several months now we’ve been running a proof-of-concept processing real world volumes of properties. The results we’ve seen from their insurability model combined with the recourse of the Aviva insurance is impressive and could result in increasing our ability to give mortgage customers instant valuation decisions.”

For more information, please visit the VerifyQ Product Page.