With deep contextual data, HouseCanary helps lenders accelerate the underwriting process for a faster valuation turnaround

With deep contextual data, HouseCanary helps lenders accelerate the underwriting process for a faster valuation turnaround
Manual
underwriting processes cost lenders valuable time and money, which reduces
bottom lines, harms competitiveness and negatively affects the customer
experience – as well as slowing time to close.

HouseCanary saw that lenders needed faster, more efficient and higher-confidence valuation solutions that would align with major financial sources – that’s why they developed Agile Evaluation and Agile Evaluation Certified, their hybrid and insured valuation products. These valuation products lead the industry in speed and accuracy and reduce friction for all participants in real estate transactions.

“What
makes HouseCanary different is our data,” CEO and cofounder Jeremy Sicklick
said. “HouseCanary is recognized as one of the most accurate automated
valuations at 2.2% accuracy for 106 million properties. In addition, as a 50-state
brokerage we have access to the best and most recent property information. Our
models use the latest in artificial intelligence and machine learning to drive
ever-improving accuracy and image recognition.”

Agile
Evaluation and Agile Evaluation Certified are designed to replace outdated
traditional valuations with a comprehensive report delivered in just days. The
products comply with Inter-Agency Guidelines (IAG) for an inspection-informed
evaluation, and Agile Evaluation is now accepted by major hard-money lenders.

Agile
Evaluation and Agile Evaluation Certified valuation reports deliver all the
necessary value conclusions, market context and risk data that lenders want, as
well as a third-party onsite inspection report and property photos.

The
solutions pair HouseCanary’s highest-confidence automated valuation model (AVM)
with a third-party onsite property inspection. Proprietary machine learning
technology delivers condition-informed values and deep contextual data.

Agile
Evaluation Certified goes a step further by providing a warranty that transfers
risk to a large third party insurer. Lenders can use Agile Evaluation Certified
to quickly pre-approve properties, significantly transferring the risk of
overvaluation to a third party, which improves customer experience while
increasing pull-through.

Both
Agile Evaluation and Agile Evaluation Certified have rapid turnaround times
that allow lenders to accelerate their underwriting process, arriving at an
efficient, accepted property valuation more quickly and with higher confidence.
This, in turn, improves the borrowing experience for loan customers, building
loyalty and raising net promoter scores in a competitive lending market.

The
AVM behind HouseCanary’s valuation products achieved top results among AVM
providers tested by Fitch Ratings Inc. in 2019. HouseCanary is trusted by seven
of the top 10 buyers of residential real estate loans, seven of the top 10
bulge bracket investment banks and four of the top five single-family rental
investor owner operators.

“Many
mortgages don’t require a full appraisal, and our lenders now have the ability
to leverage HouseCanary’s various valuation tools inside our platform,” said
one enterprise client.

“HouseCanary provides something of value from the loan originator to the borrower, helping to educate borrowers and making the relationship stickier. It significantly reduces risk for originators, and it dramatically improves the customer experience.”

Jeremy Sicklick, CEO and Cofounder

As
chairman, chief executive officer and cofounder, Jeremy Sicklick drives
HouseCanary’s vision, strategy and growth. Sicklick was previously a partner
and managing director at The Boston Consulting Group, where he helped leading
real estate investors deploy billions of dollars in capital.

Jeff Somers, President & COO

As
president and chief operating officer, Jeff Somers is responsible for
day-to-day operations, along with planning and executing key priorities with
the executive team. Somers has built and managed teams at tech powerhouses
including Amazon, Zillow, Microsoft and eBay. Before joining HouseCanary, Somers
was president at Insureon, the nation’s leading online provider of small
business insurance.

Chris Stroud, Chief of Research &
Cofounder

As
cofounder and head of research at HouseCanary, Chris Stroud leads the research
team in creating the most accurate predictive analytics through machine
learning, dynamic modeling and cloud computing. Stroud draws on his previous
experience as an economist and his dissertation research on Dynamic Models of
Financial Risk.

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