CoreLogic Australia General Manager, Valuations, Carl Pinto described the new platform as a ‘genuine gamechanger’ for the industry with the power to provide a digital valuation for every risk profile.
“We know the mortgage and valuation industry is under pressure to meet changing customer expectations and retain their existing customer base, all while staying competitive,” Mr Pinto said.
“This is a data-driven solution that can help businesses stand out in the crowded mortgage sector by slashing assessment turnaround times, speeding up the loan approval process and leaving more time for sourcing new business.”
SMARTval’s remote desktop assessments are delivered through existing CoreLogic platforms channels, ValEx and PropertyHub, with internal modelling demonstrating the potential to convert as many as 40% of all full inspections down to a one-day turnaround time.
Mr Pinto said additional benefits include a reduction in travel commitments, C02 emissions and support for Environmental, Social and Governance (ESG) targets.
“With an estimated one million valuations completed each year, C02 emissions from driving to inspections add up substantially,” Mr Pinto said.
“From an environmental standpoint, remote assessments make sense, they help reduce emissions and support companies to meet crucial ESG targets.”
Mr Pinto said home buyers and bank customers would equally benefit from a less stressful, quicker and more efficient process.
“While this is an industry-first solution, consumers also win,” he said.
“A quicker process means consumers can make reliably-informed choices with confidence when it comes to home purchasing decisions and refinancing.
"With the launch of the cutting-edge SMARTval platform, we unlock vast potential to drive data-powered hybrid models, fostering a dynamic ecosystem that connects property professionals and data as the needs of our customers evolve."
CoreLogic Executive, Product, Data & Analytics, Tim Jenner praised industry partner Opteon for its pro-active and future-forward approach to help create the platform.
“For any disruptive technology to have a lasting and positive impact it must provide genuine industry-specific solutions,” Mr Jenner said.
“Opteon’s involvement in the creation of SMARTval means it combines our tech and data with their specific industry knowledge. They have identified what the existing industry needs to modernise and move forward and this is a significant leap forward in possibilities for valuers, lenders and consumers.”
Opteon’s Chief Executive Officer, Chris Knight said after performing thousands of virtual assessments during COVID, the company had been inspired to create a more efficient solution.
“SMARTval’s innovation came about after we utilised data and technology to streamline processes and maintain accuracy,” he said.
“By leveraging the local valuer’s expertise with digitisation we’ve developed a more efficient solution for everyone to benefit from.”
It’s a solution designed with the broader industry in mind, Opteon Managing Director, Aus & NZ, Scott Chapman said of SMARTval, highlighting it produced high quality, insured solutions in a much faster time than conventional reports.
“The green benefits are also significant given our industry has been seeking environmentally-friendly solutions to support climate change and SMARTval contributes to this goal, saving the industry millions of kilometres in driving time each year.”
Opteon General Manager - Growth & Business Excellence, Scott O’Dell said SMARTval was a prime example of how the company was challenging the status quo and actively protecting the valuation industry’s future.
“We’re extremely proud to be at the forefront of innovation partnerships in the industry,” he said.
“Our priority is to make the valuation process more accessible and client-friendly, while respecting the vital skills of the valuation professional and maintaining the highest quality standards.”
SMARTval meets International Valuation Standards (IVS) by seamlessly applying existing valuation data within the CoreLogic valuation ecosystem. The newly built SMARTval platform includes automated quality assurance checks and can generate dynamic digital reports incorporating images for sales evidence, mapping, floor plans and market trends.
For more information visit corelogic.com.au/software-solutions/smartval.
Subscribe to receive the latest property insights here: