Class Valuation announced that they have made an equity investment in and are partnering with InsideMaps, a technology company using computer vision to lead innovation within the valuation and mortgage space.
This partnership allows Class Valuation to develop modern solutions designed to meet the needs of the evolving mortgage industry, the company announced in a press release.
InsideMaps’ technology generates 3D tours and models of both the interior and exterior of homes while also generating a detailed data set.
“We could not be more excited about partnering with Class Valuation,” InsideMaps founder and CEO George Bolanos said in the release. “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 through a phased approach, partnering with industry stakeholders to ensure it meets the needs of lenders, appraisers, providers, and governing bodies. This technology will enhance the valuation process.
“Through extensive field testing, we 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,” said Julie Jones, Class Valuation senior vice president of Valuation Transformation & Engagement. “Appraisers were then able to 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. Training for its use in the field is well underway, and Class is focused on recruiting appraisers to its Innovation Panel that will represent early adopters of this technology to improve efficiencies and credibility. Our partnership with InsideMaps is an unparalleled opportunity to drive our industry forward.”
Class Valuation Chief Innovation Officer Scot Rose emphasized the many benefits of having a digital rendering of the home as the company modernizes 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,” Rose said.
CEO Mike Detwiler addressed what the deal means for the future.
“We know our industry is on the brink of change within the valuation space, and it will take leaders in every category partnering together to bring about the future,” he said. “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.”