Accelerate Lending & Streamline Property Assessments with Coviance’s Instant PCR

More and more, lenders are turning to Automated Valuation Models (AVMs) for faster, cheaper home valuations during the home equity loan process. To ensure the AVM is fair and accurate, interagency guidelines recommend using property condition data to validate the AVM’s output. And the property condition data typically comes from a Property Condition Report or a third-party method to assess a property in-person. Where lenders are looking for automated, rapid loan delivery, these traditional methods to validate the AVM slow down the process and adds extra cost.

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Coviance simplifies and streamlines the AVM process by putting power for verifying the property’s condition back into the hands of the borrower. The Instant Property Condition Report (PCR) feature of our Loan Progress Portal enables borrowers to easily submit photos of their home to quickly validate its condition, eliminating the need for a third-party vendor and approving loans at the speed of the borrower.

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Introducing Instant Property Condition Reports for AVMs

For lenders that take advantage of the speed and efficiencies of an AVM, Coviance can further simplify and accelerate the process. We empower credit unions, community lenders, and mortgage lenders alike to lend at the speed of the borrower through our automated and streamlined experience. Instead of relying on a third-party vendor to validate the property, lenders can instead empower the borrowers to provide property validation easily and quickly—with no added cost.

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The Instant PCR feature as as easy as tap, snap, send for the borrower:

1. Tap: The Coviance platform sends the borrower a notification via email or text. Once logged in, the borrower taps on the task called “Property Images.”
2. Snap: The app prompts users which photos are needed, from street views to property angles. The borrower simply snaps the pictures and saves them.
3. Send: Once all the photos are taken, the borrower sends the photos to the lender with a single tap, immediately saving and transferring the photo to the lender.

Test drive the borrower experience using Instant PCR:

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Once the borrower sends in the photos, the lender will receive an email notification that prompts them to review the property photos. On the lender’s side, the process is just as simple with a templated, standardized experience:

1. The lender opens sub-tasks within the Coviance platform or clicks the notification to view the uploaded photos.
2. The lender reviews the photos to ensure they are comprehensive. If the lender has required location data or time requirements, they can easily see whether the location data and time stamp is included to more easily accept or reject the photos.
3. Once the lender accepts the photos and answers the optional questions, the Coviance platform automatically generates the completed Property Inspection Report.

Test drive the lender experience using Instant PCR:

Empowered Borrowers for a Faster, Streamlined Loan Process

Instant PCR isn’t just about validation the AVM and saving costs on third-party vendors to perform a Property Condition Report. It’s about equipping the borrowers to take charge of their own lending experience. Instead of waiting on a PCR from a third-party, borrowers can move as quickly as they want to receive their loan. It’s not just real estate borrowers who benefit; other loan types like construction to facilitate fund disbursement also benefit from Coviance’s Instant PCR feature.

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If you’re ready to learn more about the simplicity and automation of the Borrower and Lender experiences at Coviance, please reach out at https://www.coviance.com/book-a-demo.