Manual underwriting processes cost lenders valuable time and money, which reduces bottom lines, harms competitiveness and negatively affects the customer experience – as well as slowing time to close.
HouseCanary saw that lenders needed faster, more efficient and higher-confidence valuation solutions that would align with major financial sources – that’s why they developed Agile Evaluation and Agile Evaluation Certified, their hybrid and insured valuation products. These valuation products lead the industry in speed and accuracy and reduce friction for all participants in real estate transactions.
“What makes HouseCanary different is our data,” CEO and cofounder Jeremy Sicklick said. “HouseCanary is recognized as one of the most accurate automated valuations at 2.2% accuracy for 106 million properties. In addition, as a 50-state brokerage we have access to the best and most recent property information. Our models use the latest in artificial intelligence and machine learning to drive ever-improving accuracy and image recognition.”
Agile Evaluation and Agile Evaluation Certified are designed to replace outdated traditional valuations with a comprehensive report delivered in just days. The products comply with Inter-Agency Guidelines (IAG) for an inspection-informed evaluation, and Agile Evaluation is now accepted by major hard-money lenders.
Agile Evaluation and Agile Evaluation Certified valuation reports deliver all the necessary value conclusions, market context and risk data that lenders want, as well as a third-party onsite inspection report and property photos.
The solutions pair HouseCanary’s highest-confidence automated valuation model (AVM) with a third-party onsite property inspection. Proprietary machine learning technology delivers condition-informed values and deep contextual data.
Agile Evaluation Certified goes a step further by providing a warranty that transfers risk to a large third party insurer. Lenders can use Agile Evaluation Certified to quickly pre-approve properties, significantly transferring the risk of overvaluation to a third party, which improves customer experience while increasing pull-through.
Both Agile Evaluation and Agile Evaluation Certified have rapid turnaround times that allow lenders to accelerate their underwriting process, arriving at an efficient, accepted property valuation more quickly and with higher confidence. This, in turn, improves the borrowing experience for loan customers, building loyalty and raising net promoter scores in a competitive lending market.
The AVM behind HouseCanary’s valuation products achieved top results among AVM providers tested by Fitch Ratings Inc. in 2019. HouseCanary is trusted by seven of the top 10 buyers of residential real estate loans, seven of the top 10 bulge bracket investment banks and four of the top five single-family rental investor owner operators.
“Many mortgages don’t require a full appraisal, and our lenders now have the ability to leverage HouseCanary’s various valuation tools inside our platform,” said one enterprise client.
“HouseCanary provides something of value from the loan originator to the borrower, helping to educate borrowers and making the relationship stickier. It significantly reduces risk for originators, and it dramatically improves the customer experience.”
Jeremy Sicklick, CEO and Cofounder
As chairman, chief executive officer and cofounder, Jeremy Sicklick drives HouseCanary’s vision, strategy and growth. Sicklick was previously a partner and managing director at The Boston Consulting Group, where he helped leading real estate investors deploy billions of dollars in capital.
Jeff Somers, President & COO
As president and chief operating officer, Jeff Somers is responsible for day-to-day operations, along with planning and executing key priorities with the executive team. Somers has built and managed teams at tech powerhouses including Amazon, Zillow, Microsoft and eBay. Before joining HouseCanary, Somers was president at Insureon, the nation’s leading online provider of small business insurance.
Chris Stroud, Chief of Research & Cofounder
As cofounder and head of research at HouseCanary, Chris Stroud leads the research team in creating the most accurate predictive analytics through machine learning, dynamic modeling and cloud computing. Stroud draws on his previous experience as an economist and his dissertation research on Dynamic Models of Financial Risk.