VerifyQ allows lenders to originate mortgages with greater speed and certainty. The service harnesses CLSQ’s data modelling capability with the backing of a leading insurer to provide robust data interrogation and insured decision on property valuations.

This approach provides lenders with recourse against loss should the property be repossessed, enabling mortgage decisions in principle (DIPs) with higher confidence levels and enhanced capital risk protection.

VerifyQ reduces the need for desktop and physical valuations by providing insurance against loss at repossession, backed by a leading AA- rated insurer.

Commenting on the launch VerifyQ development director Spencer Wyer said: “We’re excited to launch VerifyQ, which we believe is a gamechanger for mortgage lenders – offering the ability to deliver instant insured property valuations for LTVs up to 95%.”

He added: “VerifyQ validates a property’s valuation using a purpose-built insurability model that incorporates a range of data sources and lending criteria. This robust decisioning uniquely provides the industry’s first AA- rated insurance against loss for an automated valuation for a term of up to 5 years against losses on the outstanding loan amount in the event of a repossession.”