CoreLogic Desktops now features an Active Allocation engine, which leverages data from previous full valuations to help provide greater consistency from one valuation to the next. Carl Pinto, CoreLogic Australia’s Head of Valuation Solutions, explains how streamlining the allocation process is designed to not only benefit valuers, but ultimately lenders and home buyers as well.
Did you know that CoreLogic holds historical records for every valuation ever completed via ValEx? And did you also know that for one-third of all CoreLogic Desktop valuations, a full valuation has been completed in the last three years within ValEx?
These insights present an interesting challenge to us: how can we unlock the value of all this property data to make the end-to-end valuation process faster and smarter?
The result is our new Active Allocation engine, which is designed to drive efficiencies for valuation firms, while also improving the overall experience for our banking and lending customers.
“This is a key industry initiative,” said Carl. “We’re leveraging historical valuation data to allocate Desktops to firms in a smarter way, which is designed to improve the consistency of valuations within the CoreLogic ecosystem.”
How does Active Allocation work?
When a CoreLogic Desktop is ordered, the Active Allocation engine scans our historical valuation database to identify if any firm on a lender’s desktop panel has completed a full valuation within the configured timeframe for that lender.
If a match is found, the engine allocates the CoreLogic Desktop to the same firm, since they have an intimate knowledge of the property in question. In addition to the smarter allocation, the details and photos from the original full valuation are also presented to the valuer within the ValConnect platform. This saves the valuer from having to look up the previous valuation details on a third-party platform.
“Previously, valuers had to go to a different system to find that information,” Carl explained. “But now we can pull all the data from the previous report and present it back to the valuer, making it much easier and faster for them to produce a consistent and more accurate report.”
Taking digital mortgages to the next level
With Active Allocation, a portion of CoreLogic Desktops will now be powered by data and imagery captured from a full valuation, which is designed to paint a much clearer picture of the property.
Carl commented: “Active Allocation has two distinct benefits: using the historical valuation database means that jobs are allocated in a smarter way, and presenting the valuation firm with their own data in a single platform is designed to drive efficiency.”
Once the job has been allocated to a valuer, they can choose which dataset to use for the assessment. This ensures the most recent information is included in their report, whether it’s from a previous valuation, or a recent sale or rental listing from CoreLogic’s database.
And, as valuations form a crucial step in the home-buying journey, Active Allocation is designed to enhance the digital mortgage experience for end customers as well.
“Desktops are already an integral part of the digital mortgage process,” said Carl. “Active Allocation takes it a step further, by improving the valuation component while also saving time.”