CLSQ introduces VerifyQ, transforming property valuation with instant insured solutions.
- The service aims to speed up mortgage origination by providing quick decisions.
- VerifyQ’s insurability model includes a variety of data sources for accurate valuations.
- It offers insurance against losses at repossession, backed by a trusted insurer.
- Nationwide Building Society has initiated a proof of concept with promising results.
CLSQ has unveiled VerifyQ, a pioneering service set to revolutionise the mortgage industry by delivering instant insured property valuations. This initiative is primarily designed to accelerate mortgage lending decisions, providing lenders with increased speed and certainty in their operations. By leveraging its advanced data modelling capabilities, VerifyQ provides an insured assessment of property valuations, aimed at expediting mortgage origination processes.
The service distinguishes itself with its unique approach of integrating a comprehensive insurability model that synthesises multiple data sources alongside lending criteria. This sophisticated decision-making mechanism endorses CLSQ’s goal to reduce reliance on traditional valuation methods such as desktop and physical evaluations by offering insurance coverage against potential losses during repossession. Crucially, this insurance is underwritten by an AA- rated insurer, adding further reliability to the valuation process.
Speaking on the launch, Spencer Wyer, the strategic development director at CLSQ, expressed enthusiasm for the potential of VerifyQ, highlighting its capacity to provide automated valuations for loan-to-values (LTVs) of up to 95%. He emphasised the groundbreaking nature of this insurability model and its significance as the industry’s first solution to offer AA- rated insurance against valuation-related losses over a term of up to five years.
Rob Stevens, the head of property risk at Nationwide Building Society, has acknowledged the promising capabilities of VerifyQ. Nationwide, having collaborated with CLSQ’s property data services over several years, embarked on a proof of concept to evaluate its efficacy. Stevens remarked on the impressive outcomes observed from the model and its potential to enhance automation within mortgage processing. This initiative has demonstrated the capacity to provide customers with instant valuation decisions, which could significantly streamline the mortgage application process.
VerifyQ is poised to significantly impact and improve lending operations across the mortgage industry.
