VerifyQ
VerifyQ uniquely enables faster lending decisions by providing instant insured property valuations, accelerating your mortgage originations with confidence.
Why
VerifyQ has been launched to enable lenders to originate mortgages with speed and certainty. The service harnesses CLSQ’s data modelling capability with the backing of a leading insurer to provide robust data interrogation and insured decision on property valuations. CLSQ’s 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.
VerifyQ provides confidence and reduces the need for desktop and physical valuations by providing insurance against loss at repossession, backed by Aviva. This enables lenders to deliver an enhanced customer journey, with a more accurate and de-risked process, helping them to provide faster mortgage offers. It also helps to reduce a lender’s carbon footprint, supporting greater sustainability in the mortgage sector.
CLSQ’s unrivalled experience in data analysis and underwriting expertise, enable it to bridge the gap between insurers and lenders to offer this service.
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.
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The Benefits
- Unique service that is unavailable anywhere else - VerifyQ validates a property’s valuation using a purpose-built insurability model that incorporates a range of data sources and lending criteria.
- Instant Insured Property Valuations - VerifyQ uniquely enables faster lending decisions, eliminating delays and uncertainty.
- Reduces the need for desktop and physical valuations – by providing recourse against loss at repossession.
- Enhanced customer journey – provides lenders with a more accurate and de-risked process, enabling them to deliver faster mortgage offers.
- Aviva underwritten insurance – The industry’s first AA- insuring against loss on a mortgage valuation should the property be repossessed.
- Enhanced capital risk protection - VerifyQ provides robust protection against loss if the property is repossessed.
- Eco-Friendly - With VerifyQ lenders can significantly reduce their carbon footprint by minimising physical property valuations.
87.0
NPS Score
Trusted to deliver a ‘world class’ service. CLSPI's service rating from legal professionals in 2023
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.
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