Employing Validate as a first step in your home equity workflow after identifying potential scored opportunities can help save time and money by providing borrower and subject property information earlier in the process.
Validate
Drive faster, objective and more cost-effective property valuations
Validate provides a fast, objective property valuations that help increase pull-through rates, lower origination costs and accelerate turn times. This digital solution uses computer-vision technology, a condition-adjusted automated valuation model (AVM), up-to-date property data and on-site photos to determine a property’s value and available equity.
Simplify the property valuation process
Get up-to-date property value and equity insights sooner
Gain a clear understanding of a property's condition from day one, enabling earlier, more informed decisions and delivering a smoother borrower experience.
Configurable
Supports a wide range of use cases and property types, including single-family, multi family and new construction
Accessible
Enables homeowners, appraisers, real estate agents and other users to capture property photos and verify relevant property data
Verifiable
Leverages GPS-tracking to solidify the authenticity of user-captured property photos
Objective
Applies ICE’s Property Valuation Model to deliver reliable and objective results
How Validate works
Lenders can provide users with direct access to Validate on their mobile device, to be used at a property’s location. Once Validate’s workflow and disclosures are configured to the user’s role (homeowner, appraiser, real estate agent, etc.), the solution automatically pulls in the property characteristics from ICE’s powerful property records database, which can be edited or confirmed by the user.
The user then proceeds to take on-site photos of the interior and exterior of the property. Validate geotags these with time and date stamps to solidify the authenticity of the photos taken. Once completed, computer-vision capabilities help determine the up-to-date property condition.
Securing a property condition and quality report with AVM workflows
When an AVM is needed to obtain a property’s value, Validate uses the Property Valuation Model (PVM), which leverages eight of ICE’s AVMs and selects the most appropriate model to use based on geography, property type and living area. ICE’s PVM adjusts to the property’s current condition based on the securely submitted photos, providing additional protections against risk regarding the valuation’s credibility.
The property’s condition report can then be accessed either via PDF or ICE’s Encompass® loan origination system (LOS). Validate calculates the property’s condition using the Uniform Appraisal Dataset’s (UAD) six condition levels.
Based on that level, the solution provides:
- Range for the property’s value
- Similarity score relating to property comparables
- Property’s estimated equity
- ICE Confidence Score and MISMO’s AVM Common Confidence Score
One solution, multiple use cases
Home equity
Reconsideration of Value (ROV)
For instances when the borrower requests a second property valuation, Validate can guide the user through a virtual ROV process, leveraging intelligent computer-vision capabilities and a condition-adjusted AVM to provide an objective estimated price range for the property.
Disaster recovery
Validate can be used following a disaster event to evaluate property impact by allowing users to input property and event-related information. This includes the type of disaster and accessibility to the property, paired with GPS-tracked photos of the neighborhood and exterior of the home to assess damage to the roof, chimney, windows, surrounding area, etc. The solution combines computer-vision technology with photos taken to determine the extent of damage — providing homeowners, buyers and sellers with a fast and efficient property condition report that accounts for damage immediately after a disaster occurs.
Construction draw loans
Validate simplifies the construction draw loan process by keeping inspection photos and data organized, accessible and up to date. Users can easily complete all lender-required inspections by utilizing Validate themselves, with every photo and detail compiled into a single comprehensive report delivered to the lender within minutes. The report identifies both completed and pending draw inspection work, providing visual evidence for lender review. This eliminates costs associated with multiple inspections and minimizes reliance on third-party inspectors.