A completed data field can move through a valuation system in seconds. What it cannot tell you by itself is how the underlying property information was collected. Was it current? Was someone directing the collection? Was the person actually at the subject property? Was the information reviewed before it entered the workflow? If something appeared incomplete or inconsistent, was there a process for catching it?
Those questions matter as lenders, appraisers and collateral teams gain access to more property information from more sources. The challenge is no longer simply obtaining data. It is understanding whether the information is appropriate for the decision being made and how much confidence to place in it.
Property Data Needs Context
Property information comes from sources created for different purposes. Public records can provide valuable property characteristics, but they may not immediately reflect recent changes. Prior appraisals provide detailed observations tied to an earlier effective date. Listing imagery can offer useful insight, although it was generally captured to market the home. An automated valuation model (AVM) can provide a sophisticated estimate of market value, but whether it reflects current property condition depends on the model and the data available to it.
Each source can contribute something useful. The question is whether it provides what is needed for the decision at hand.
When current property observation matters, how the information is collected becomes part of that decision. A set of uploaded photographs may provide useful evidence, but a guided process can add more structure around where the information came from, what was captured and whether the collection appears complete.
Virtual Inspection Is About More Than Speed
Speed is one practical advantage of virtual inspection. Without inspector travel, current property information can often be obtained quickly while the property contact participates using a mobile device. But speed alone does not make property information more reliable.
With ValINSPECT Virtual, the property contact connects by live video with an experienced virtual inspector who guides the person through a prescribed inspection process. Valligent uses geolocation technology along with manual verification to help verify that the inspection is being conducted at the subject property. Inspection reports are manually reviewed, virtual inspector performance is audited monthly, and inspectors can recommend escalation when something warrants additional attention.
That creates a different process from simply asking someone at the property to decide which photographs to take and send. The collection is guided, there are controls around location and completeness, and the resulting information is reviewed before it moves into the broader workflow.
A guided inspection can also identify when something deserves a closer look. It may confirm that a property appears consistent with the information already available, or it may reveal a condition issue, unexpected property characteristic or other concern that calls for additional review.
Where Current Virtual Inspection Can Fit
Current property information can be useful across a range of collateral workflows. In home equity lending, for example, a lender may already have an AVM or evaluation but want additional property information when condition is relevant to the decision. Valligent supports pairing ValINSPECT Virtual with an AVM or evaluation for those situations.
The same virtual inspection process can support REO property inspections, desktop appraisal workflows, occupancy inspections, appraisal re-inspections, and PMI removal. The point is not that every assignment should be handled virtually. It is that current property observation can be added when it contributes information the existing data does not provide.
The process also has to work for the person at the property. For eligible on-demand ValINSPECT Virtual orders, Valligent reports that the occupant may be contacted in as little as one hour, with the inspection itself taking a matter of minutes depending on property size and assignment scope. In a survey of more than 8,000 users, 94% reported satisfaction with the virtual inspection experience, 96% said inspectors communicated clearly and effectively, and 94% found the inspection easy.
The Next Question Is About Confidence
Much of the innovation in mortgage valuation has focused on obtaining more data and making it available faster. That progress has given lenders, appraisers, and collateral professionals more information to support their decisions.
But speed raises another question: Do you know enough about how the information was collected to trust it for the decision you are making?
How current is it? Was the location verified? Was someone guiding the collection? Was the necessary information captured? Was there quality review?
Those questions are not arguments against digital or automated valuation workflows. They are part of making those workflows stronger.
ValINSPECT Virtual combines live, guided property observation with verification and quality controls to help lenders, appraisers and collateral teams obtain current property information for a range of valuation and collateral workflows. If your organization is looking for a faster way to gather property evidence while maintaining greater visibility into the collection process, connect with Valligent to discuss where ValINSPECT Virtual could fit.
