MortgageHippo, provider of the leading borrower-centric digital lending platform, announced its complete integration with HouseCanary, the leading provider of modern valuation and appraisal solutions. The partnership will put HouseCanary's powerful valuation solutions directly into MortgageHippo's robust digital mortgage platform.
For lenders, this integration will equip loan officers with more value-added resources which will allow them to instantaneously deliver better quality data about subject properties to both their Realtor partners and their borrowers. Loan officers will have access to a richer collateral data set, including subject property photos and photos of other active listings. It will also leverage data to pre-fill important fields in the 1003. Borrowers will benefit from an improved and faster underwriting process, with property valuation taking a fraction of the normal time.
This new proptech integration with HouseCanary will allow loan officers to pull live data inside of a Home Value Report from within MortgageHippo's dynamic Lender Portal. Loan officers will have the option to edit the subject property data and adjust the property condition to save and share the updated report. Additionally, loan officers will be able to order HouseCanary's Agile Evaluations™ from within the MortgageHippo platform. Agile Evaluation is an automated valuation tool that uses an onsite physical inspection designed to meet the Interagency Appraisal and Valuation Guidelines' definition of an evaluation that can replace an appraisal in certain applications. Agile Evaluation leverages HouseCanary's proprietary computer image recognition and machine learning technologies to derive an automated value based on a property's present physical condition.
"HouseCanary is thrilled to partner with MortgageHippo to provide next generation valuation tools to the leading mortgage lenders," said JP Ackerman, EVP and Head of Sales for HouseCanary. "Accessing HouseCanary's tools through the MortgageHippo platform will enhance the customer experience. We look forward to delivering these benefits to MortgageHippo's expanding community of customers."
"While proptech might be a new buzzword and one of the largest investment sectors in real estate today, no one should be without high quality data when dealing in such a strong purchase money environment, especially when the market has cooled off a bit," said Joe Dahleen, EVP and Chief Strategy Officer at MortgageHippo. He continued, "Lenders are seeking fast access to updated property data and loan officers are trying to be different and amaze prospects while building high quality relationships. Now our clients and their loan officers have access to the same data being leveraged by Nextdoor, Goldman Sachs and other Real Estate businesses. Having the ability to edit the property and condition data to get updated reports and a 3-year future value forecast at the moment of truth is invaluable."