CLSQ launches a new service, VerifyQ, for instant insured property valuations, enhancing speed and certainty for mortgage lenders.
- The service uses advanced data modelling, reducing reliance on traditional valuation methods, and is supported by high-quality insurance.
- Insured valuations are delivered instantly for loan-to-values up to 95%, aiming to provide a secure method for lenders.
- A notable partnership with Nationwide demonstrates the service’s potential in transforming mortgage processes.
- Successful proof-of-concept trials indicate that VerifyQ may significantly impact lending efficiencies by automating valuation decisions.
CLSQ has launched VerifyQ, a service designed to streamline mortgage lending through instant insured property valuations. By leveraging cutting-edge data modelling, VerifyQ enables quicker lending decisions, thus improving efficiency and confidence among lenders.
The innovation comes with an insurance component backed by an AA- rated insurer, aimed at reducing the dependence on desktop and physical property assessments. This aspect of the service offers protection against financial loss in the event of repossession, providing a comprehensive solution for mortgage providers.
Spencer Wyer, Strategic Development Director at CLSQ, expressed enthusiasm about the new service, stating it’s a ‘gamechanger’ for the industry. The service automates property valuations with insured protection, covering loan-to-values up to 95% for terms extending to five years, ensuring robust decision-making standards.
Nationwide Building Society’s Head of Property Risk, Rob Stevens, has collaborated with CLSQ over the years, utilising their property data services. With the introduction of VerifyQ, Stevens noted the promising results from initial trial runs, highlighting the impressive outcomes of the insurability model and the supplementary insurance feature.
Initial testing involved processing realistic volumes of property data, where the new model demonstrated potential for enhancing automation in the mortgage sector. The trials suggest VerifyQ could streamline the process, allowing immediate valuation decisions for enhanced customer experiences.
The advent of VerifyQ by CLSQ marks a significant leap forward in property valuation methodologies, promising improved efficiencies in mortgage lending.
