Clarocity QuickSurvey Engages Homeowners to Provide a Compliant Appraisal Solution

Carlsbad, CA – April 20, 2020 – Clarocity announces the successful pilot of QuickSurvey, a homeowner engagement solution that can be combined with MarketValue Pro (MVP) to provide a compliant “safe-harbor” solution for lenders with limited access to the property. QuickSurvey leverages our proprietary FusionOMS platform to instantly engage the homeowner or other point of contact with a mobile responsive solution that allows secure data collection from any device. Combined with our MVP Appraisal Report, this process creates a highly efficient, scalable, and cost-effective residential solution that helps lenders manage risk before the loan closes without relying on limited drive by data.

“We immediately realized that lending in the age of social distancing required a solution that could provide proper due diligence for real estate valuation,” said Shane Copeland, President of Clarocity. “Several weeks ago, we launched QuickSurvey to our premier clients as response to government shelter in place orders. With nearly a decade of experience providing collaborative multi-vendor valuation solutions, we knew that engaging the homeowner as part of the data collection process could yield more credible appraisal reports than a traditional drive-bys. We are seeing a rapid increase in lender client adoption and the homeowner experience has been fantastic. After several weeks of successful valuation fulfillment during one of the most challenging periods for our industry, we can now announce the availability QuickSurvey option as part of the valuation process without any additional costs or fees. The response from our clients has been overwhelmingly positive as having access to this additional insight about the property doesn’t just help the appraiser in providing a credible report, provides underwriting additional photographic documentation they need to manage collateral risk before they close the loan.”

MVP with QuickSurvey Process Highlights

  • Borrower/Owner provide comments and photos though a web-based app on their handheld device. Nothing needs to be downloaded for functionality
  • Secure mobile-responsive collection from any secure device
  • 100% of comments and photos provided by the on-site party are reviewed by our quality control department for relevancy and compliance. Appraiser independence is preserved.
  • Homeowner Certification, Geolocation, and IP Address Tracking to verify and confirm data collection
  • Local real estate appraisers complete a desktop appraisal assignment with information through their normal sources and QuickSurvey
  • QuickSurvey is available as a supplement to GSE forms, MVP, BPO and Evaluation products
  • Clarocity works with local appraisers who are capable of completing an updated appraisal if required at a later date
  • With tens of thousands of MVP appraisals completed nationwide, there is no learning curve or technological workarounds required

“QuickSurvey is a solution not just technology. In addition to providing the appraiser key data elements to supplement their appraisal report, every submission is reviewed by experienced QC personal to verify that the appraiser is receiving legible and appropriate information, while ensuring appraisal independence,” says Ernie Durbin, Chief Valuation Officer at Clarocity. “We have multiple years of experience that demonstrate that third-party property data collection can bring considerable lift to the reliability of a desktop appraisal report. During the first few weeks of our pilot, we’ve seen appraisers not only adapt to this new reality but readily adopt this solution as part of the final MVP appraisal report. We believe that this is not only a compliant solution, but one that will likely last for a long period as we adjust to social distancing requirements.”

The MarketValue Pro with QuickSurvey process is available nationwide with no additional cost to the lender or borrower. As recognized pioneers of collaborative valuation, Clarocity is delivering proven, credible and consistent appraisals to lenders, investors and servicers for both residential and commercial properties during the pandemic. Through collaborative workflow and technology, safe and secure lending can continue even under these conditions.

For further information, visit www.clarocity.com or contact: Clientservices@Clarocityvs.com or call 760.208.6475

About Clarocity Corporation

Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today’s dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.

Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.com

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Forward-Looking Information

This news release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company’s future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to growth acceleration, deepening market penetration for our technology and future revenue growth. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.

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