Black Knight Inc. has introduced Validate, a mobile application that helps borrowers participate in expediting the valuation and loan approval process, saving time and money for all involved.
The Validate app allows homeowners to submit property photos as part of their application for a home equity loan. Following a series of prompts, homeowners are guided to take and submit photos of specific areas of the interior and exterior of their home.
Validate uses geofencing and time stamps to confirm that photographs are contemporaneous and accurately reflect the property’s current condition. Validate also incorporates artificial intelligence to estimate the property’s current state and quality, then compares it with similar homes using the Black Knight Complexity Profiler to create a condition-adjusted value estimate. Equity is calculated by deducting any outstanding mortgage liens, as identified in Black Knight’s public records data.
“Validate streamlines HELOC and home loan applications by providing a collateral valuation and property-condition report much earlier in the loan process,” says Ben Graboske, president, Black Knight Data & Analytics.
After borrowers submit current property photos, they complete a short questionnaire to verify public record data and select from a menu of value-enhancing amenities. Validate also asks homeowners to specify any repairs that need to be performed and to certify that the information submitted is accurate. Results are presented to the lender via a loan origination system-integrated API or an easy-to-read PDF report.
Validate is being offered as a customer relationship building tool for lenders, appraisal management companies and credit unions.
“Achieving a shorter time-to-close is essential in today’s rapidly shifting market, particularly for equity-based lending,” Graboske adds. “Validate goes a long way toward helping lenders achieve that goal.”
