FCT, a group providing industry-leading title insurance, default solutions and other real-estate-related products and services to approximately 450 lenders, 43,000 legal professionals and 5,000 recovery professionals, as well as real estate agents, mortgage brokers and builders, nationwide, announced the launch of Flex Appraisal, a new solution that will streamline real estate lending by providing a more efficient and cost-effective way to complete property appraisals in Canada, the company announced in a release.

The first of its kind, Flex Appraisal revolutionizes the appraisal process by providing access to centralized data on properties, enabling appraisers to fully analyze and complete transactions within hours, the company said.

This solution combines the best elements of valuation technology with the expertise of a qualified appraiser for a cost-effective, quality and accurate valuation, supported by Canada's only regulated insurer of property valuations for added security. This proprietary technology provides the appraiser approximately 250 data points, including confidence scores, property attributes, sales history and more. 

By streamlining and simplifying the process, Flex Appraisal utilizes the expertise of an appraiser, while reducing the time and money spent on a traditional appraisal, the company said. “The conventional real estate appraisal landscape presents many challenges, including cost, decentralized data, long turnaround times and legal liability," FTC CEO Michael LeBlanc said in the release. "Our solution seeks to remedy all of these concerns and provide an improved experience for Canadian lenders. With Flex Appraisals delivered in less than 4 hours, lenders can build and retain more business."

Flex Appraisal is available as a part of a cascading model or it can be ordered as a stand-alone solution. Upon initial evaluation, the solution utilizes the relevant data points available on a property to provide an expert market value estimate, FTC said.

The data is then presented to an appraiser in a standardized report format for analysis and Property Valuation Indemnity Insurance eligibility.

"The introduction of Flex Appraisal demonstrates FCT's commitment to creating innovative real estate solutions that modernize the Canadian real estate landscape,” LeBlanc said. “Appraisals that once took days or weeks to complete can now be delivered within seconds or hours. This lessens the need for potential homeowners to shop around for quicker appraisals, allowing real estate professionals to close faster, and provide greater peace of mind and an improved customer experience."