Reviewing appraisal imagery, an essential step in the valuation review process, is time-consuming and laborious.
CoreLogic developed Image Analytics to drive innovation in the appraisal review process and help lenders and mortgage industry professionals analyze property images quickly and accurately. This technology eliminates the need for manual, multi-touchpoint review, which saves time and reduces errors.
Image Analytics is a fully automated solution that evaluates the content of the appraisal photos, highlighting errors and allowing lenders to reduce time, effort and costly manual mistakes within their operations.
Image Analytics’ accuracy rate of 99.7% allows lenders’ staff to focus on exceptions in the appraisal reports rather than manually reviewing every photo in the report. The Image Analytics solution also detects mismatched report quality ratings and missing or mislabeled photos at a rate of 99.9%.
Appraisals traditionally are manually reviewed by 2-3 people per report, each spending 10-15 minutes on imagery review. With Image Analytics, the process takes a fraction of the time previously needed. The image review time is reduced by up to 45 minutes per report. As a result, fewer people are required for each report review, reducing personnel expenses and freeing time to spend elsewhere.
“Our trustworthiness and reputation as an expert in the industry have earned us credibility among our customers,” said Bob Jennings, executive of mortgage valuation solutions at CoreLogic. “The accuracy and efficiency of Image Analytics will strengthen this relationship as a technological expert solution provider.”
Image Analytics meets the need of the industry to lower costs per loan, improve operational profitability and help satisfy regulatory requirements, ensuring lenders can be confident they are reviewing trustworthy collateral investment valuations.
Image Analytics is a solution that supports the industry’s increasingly complex requirements and helps lenders make confident collateral investment decisions related to appraisal imagery. Image Analytics is revolutionizing the valuation review process!
To learn more about Image Analytics, contact CoreLogic here.
