CLSQ has rolled out VerifyQ, a groundbreaking service promising swift lending decisions through instant insured property valuations.
- The service targets mortgage lenders, enabling them to process applications with increased speed and certainty.
- VerifyQ leverages CLSQ’s advanced data modelling for effective property data interrogation and valuation assurance.
- It aims to minimise reliance on traditional desktop and physical valuations by offering insurance backed by a high-rated insurer.
- Nationwide Building Society has conducted a proof of concept with impressive results, indicating enhanced automation capabilities.
The recent unveiling of VerifyQ by CLSQ marks a significant development in property valuation services, aimed at enhancing the efficiency of lending decisions. By introducing this new service, CLSQ seeks to revolutionise how mortgage lenders handle evaluations, enabling them to operate with increased speed and a higher degree of certainty.
By tapping into CLSQ’s sophisticated data modelling abilities, VerifyQ empowers lenders with robust data interrogation and a secure decision-making process. This innovative service is designed to internally evaluate property valuations, reducing the necessity for external desktop or physical appraisals. Furthermore, VerifyQ includes an insurance against loss reclaimable at repossession, underpinned by an insurer with an AA- rating.
Spencer Wyer, CLSQ’s strategic development director, expressed enthusiasm about the launch, describing VerifyQ as a potential gamechanger for mortgage lenders. It offers the capability to provide immediate insured valuations for loan-to-values up to 95%. Wyer highlighted the use of a bespoke insurability model within VerifyQ that integrates diverse data sources and various lending criteria.
Further validating the service’s effectiveness, Rob Stevens, Nationwide Building Society’s head of property risk, shared insights about their collaboration with CLSQ. Having utilised CLSQ’s property data services for several years, Nationwide embraced the opportunity to explore the potential of VerifyQ. They initiated a proof of concept, processing substantial volumes of real-world properties, and reported impressive outcomes driven by the insurability model and its associated insurance.
The results of this collaboration suggest that VerifyQ could significantly enhance Nationwide’s capacity to deliver instant property valuation decisions to its mortgage clientele. This automation paves the way for more efficient processing, reducing timeframes traditionally associated with property evaluation.
The introduction of VerifyQ promises to streamline property valuation processes, enhancing decision-making speed and reliability for mortgage lenders.
