CLSQ launches instant insured property valuations

CLSQ has launched VerifyQ – a new service that enables faster lending decisions by providing instant insured property valuations.

VerifyQ has been launched to enable lenders to originate mortgages with greater speed and certainty. The service harnesses CLSQ’s data modelling capability with the backing of an insurer to provide robust data interrogation and insured decision on property valuations.

This approach provides lenders with recourse against loss should the property be repossessed, enabling mortgage decisions in principle (DIPs) with higher confidence levels and enhanced capital risk protection.

VerifyQ reduces the need for desktop and physical valuations by providing insurance against loss at repossession, backed by an AA-rated insurer. 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.

Spencer Wyer, strategic development director at CLSQ, said: “We’re excited to launch VerifyQ, which we believe is a gamechanger for mortgage lenders – offering the ability to deliver instant insured property valuations for LTVs up to 95%.

“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 for a term of up to five years against losses on the outstanding loan amount in the event of a repossession.”

Rob Stevens, head of property risk at Nationwide, commented: “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 insurance is impressive and could result in increasing our ability to give mortgage customers instant valuation decisions."