Fintech turns camera phone into appraiser to streamline mortgage process
Mortgage technology company SharperLending is tapping mobile devices to offer a quicker and more efficient loan process for lenders in instances that don't require full appraisals.
The fintech's Verisite Photo Report utilizes mobile technology to facilitate the gathering of property data, such as interior or exterior photos with descriptions, sales data and maps sent over by borrowers, appraisers, real estate agents or anyone the lender deems fit, according to the company.
The tool supports lenders with equity lending reports, disaster relief inspections, construction loan progress payments and portfolio risk management, while improving the borrower experience through quicker inspection and processing times.
"Verisite transforms loan pipelines into borrower attraction and retention tools by achieving a speed and efficiency level never before seen by the industry. It also helps alleviate the pressure of not knowing how lender investments are performing, or disaster relief situations like we are experiencing today with aftereffects of Hurricane Michael, by providing to-the-day evaluations of collateral properties," said Dave Black, CEO and Founder of SharperLending.
"Lenders can pick and choose which property details and pictures they want, such as specific detail on new kitchen countertops or the shape of a roof after a natural disaster, then place their order to the photo agent of their choosing. Upon delivery, lenders can request additional details or picture retakes, then generate the final report that meets their needs," he continued.
Lenders can access the Verisite Photo Report through the company's Appraisal Firewall residential and commercial platform. The product can also be white-labeled for technology and data providers.