Class Valuation has made an equity investment in and is partnering with InsideMaps, a technology company using computer vision to digitize the home. This partnership allows Class Valuation to develop solutions designed to meet the needs of the evolving mortgage industry.
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Detwiler: InsideMap investment is latest step to modernize the appraisal business.[/caption]
InsideMaps’ technology generates 3D tours and models of the interior and exterior of homes and generates a detailed data set. Their intuitive and affordable solution can be deployed at scale and ensure consistent, high-quality results.
“We could not be more excited about partnering with Class Valuation," said George Bolanos, founder and CEO of InsideMaps. “Class Valuation's proven execution strength and entrepreneurial speed make them ideally suited to spark industry-wide adoption of this next generation home inspection process.”
Class Valuation plans to roll out the new technology in phases, with partners, to ensure it meets the needs of lenders, appraisers, providers and regulators.
“There are many benefits of having a digital rendering of the home as we modernize the appraisal process including, but not limited to, bringing consistency and credibility to the inspection of a property. Furthermore, it provides a lasting impression of the home at the time of inspection, which provides many downstream benefits--one of the most important being fraud prevention,” said Scot Rose, chief innovation officer at Class Valuation.
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The technology is designed to enhance the valuation process. “Appraisers can focus their efforts on observing and recording property data characteristics that impact loan eligibility or drive value. InsideMaps brings much needed structure and certainty to the inspection process,” said Julie Jones, senior vice president of valuation transformation and engagement at Class Appraiser. “Training for its use in the field is well underway, and Class is focused on recruiting appraisers to its Innovation Panel, comprised of early adopters that employ the technology to improve efficiencies and credibility. Our partnership with InsideMaps is an unparalleled opportunity to drive our industry forward.”
Even some traditional appraisal challenges were overcome fairly easily. For instance, through extensive field testing, Class found that appraisers using InsideMaps were able to schedule their appointments without consideration of harsh weather conditions and were able to avoid common nuisances, such as measuring around thorn bushes or clutter.
“We know our industry is on the brink of change within the valuation space, and it will take leaders in every category to bring about the future, said Mike Detwiler, CEO and partner of Class Valuation. “We are committed to being that driving force and see InsideMaps as just one way we will help the industry move towards sustainable, long-term modernization.”
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