CLSQ has recently launched VerifyQ, a service that enables lenders to make faster mortgage decisions with insured property valuations.
- VerifyQ provides AA-rated insurance on property valuations, offering protection against loss for a term up to five years.
- By reducing the need for physical valuations, VerifyQ enhances mortgage decision efficiency and supports sustainability.
- The service leverages CLSQ’s data modelling capabilities to ensure robust and reliable property valuation processes.
- VerifyQ aims to improve the customer experience by speeding up mortgage offers while protecting lenders from potential losses.
CLSQ has launched a groundbreaking service called VerifyQ, which allows lenders to make quicker and more confident mortgage decisions by providing instant insured property valuations. This innovative service promises to significantly speed up the lending process while maintaining high levels of assurance. VerifyQ achieves this by leveraging advanced data modelling techniques and the backing of AA-rated insurance to safeguard lenders against potential losses if a property is repossessed.
VerifyQ’s primary goal is to expedite mortgage decision-making, reducing the need for traditional valuation methods. By minimising reliance on desktop and physical valuations, the service not only accelerates the process but also contributes to a reduced carbon footprint, reflecting a commitment to sustainability within the mortgage sector.
Spencer Wyer, strategic development director at CLSQ, highlighted VerifyQ’s potential impact on the industry, noting that it represents a ‘gamechanger’ by offering insured property valuations for loans with loan-to-value (LTV) ratios up to 95%. This aspect of the service ensures that lenders can make decisions in principle with increased confidence, knowing that they have recourse in the event of a loss.
The introduction of VerifyQ is bolstered by CLSQ’s comprehensive approach that utilises a purpose-built insurability model, incorporating a wide array of data sources and specific lending criteria. This robust decision-making framework assures lenders of an insured decision on property valuations, enhancing both capital risk protection and the customer journey.
Rob Stevens from Nationwide Building Society shared insights into the service’s real-world applicability, mentioning that CLSQ’s extensive data services have been a part of their mortgage processing for years. He noted the impressive results from a proof of concept conducted over several months, which demonstrated VerifyQ’s ability to provide instant valuation decisions, enhancing automation and efficiency in mortgage processing.
VerifyQ marks a significant advancement in property valuation, streamlining mortgage processes with insured efficiency.
