The Digital Appraisal Revolution Has Arrived

Transformative Innovation
As a technology-first company and industry leader, Class Valuation was compelled to develop the most sophisticated technology that would provide the highest accuracy, quality, and efficiency. The result was our digital Property Fingerprint solution. At the heart of this solution is the industry's first 3D property scanning technology that does 360-degree precision scans and generates a digital twin of the property inclusive of ANSI floor plans and virtual models at unprecedented levels of accuracy and consistency.

Our Property Fingerprint technology is portable and fungible across GSEs and all digital products. It is quickly becoming the standard and source of truth for property data capture as it eliminates human inconstancy and error. For example, Fannie Mae recently shared that when multiple appraisals are delivered on the same property, more than 20% of those appraisal reports disagree with the GLA by more than 10%.

Similarly, other AMCs utilizing 2D technology do not capture 360-degree imagery via an automated solution, so there can be significant gaps. The process is subject to more human error, missteps, and delays. If you had negative experiences with other AMCs' desktop or digital products, it could have been because of the above reasons. Our Property Fingerprint technology is years ahead of the rest and is consistently accurate, reliable, and faster.

• Detailed property geocoded data that can never question the location of the property.
• Virtual models of the entire property, with both inside and outside views with the ability to zoom in for a closer look at the details or zoom out for the bigger picture.
• Higher-quality 3D scanning technology protects against poor perception caused by low-quality 2D scanning - providing a more accurate appraisal.
• Clear, granular 3D property scans mean fewer revisions and faster turnaround times.
• Ability to revisit the property virtually any time – for clarity, you need to close sooner.
• You don't miss any information with 360-degree 3D scanning; it cuts out multiple revisits and saves valuable time. Don't leave yourself vulnerable with 2D scanning other providers depend on.

Compelling Benefits
The speed and accuracy of our digital appraisal products are a game-changer as it cuts turn times by 50% and increases pull-through rates, borrower trust, transparency, and satisfaction. These benefits translate to more aggregate business and significantly improve the overall economics and profitability of a lender or broker.

Longer appraisal wait times erode borrower trust and negatively impact the customer experience and satisfaction, resulting in lower loan pull-through rates, referral business, cross-sell opportunities, retention, and repurchase. In a competitive market, the problem is further complicated with upfront cash buyers and multiple offers on the table, creating delays in closing. Digital appraisal products are an antidote to all these problems. 

The other significant benefit is that it will put more distance between the appraiser and the homeowner. While no good appraiser will give in to the pressure of a homeowner's desire for them to hit a number, they all feel it. Our digital data gathering process insulates them from that risk and reduces confirmation bias in their results. Furthermore, it provides an additional layer of insulation to prevent bias in the process.

How Do We Compare?
Almost every other competitive product in the market that supports GSE-compliant desktop appraisal and GSE-Compliant 1004 Hybrid/70H Appraisals are either using older 2D scanning technology or sketching applications. The risk with technology such as 2D scanning is that it was initially developed for real-estate virtual showroom tours and lacks the technical precision to create floor plans that meet ANSI Standard Z765-2021.

2D scanning technology is only as good as the individuals taking the photos and how detail-oriented they are. There is still plenty of room for error and delays if revisits are required. In contrast, automated 360-degree 3D scanning technology like our Property Fingerprint eliminates the risk of human error and consistently produces the same accurate results.

The risk with 2D scanning technology increases as GLA measurements require ceiling height, below-grade spaces, and stairs that require complex measurement, ideally done with 3D scanning for consistent accuracy. The other concern to consider is the potential impact a poorer quality scanning technology could have on the accuracy of the property appraisal as it may provide a less than perfect impression, over and above the risk of inaccurate measurement with 2D technology.

• The 360-degree 3D virtual tour is a powerful feature that helps appraisers experience the property as though they were there in person.
• A standardized, repeatable process providing the exact same output every time is a game-changer with our 3D scans for appraisers to perform a reliable appraisal.
• The 2D process results in close to a 100-page PDF document which can be frustrating for appraisers and is a poorer experience than the seamless digital solutions that our 3D platform offers.
• We mitigate the risks and dependence on a human-trained labor force prone to error by leveraging 3D technology.

How it Works

We combine state-of-the-art technology and automated multi-level workflows that operate in parallel to deliver digital appraisals with accuracy and speed our clients love and value. Our approach was meticulously planned, developed, and optimized, with tens of thousands of digital appraisals completed over the last 12 months. 

Our turnkey solution is far superior in every way to what any other AMC offers. If you had a negative experience with another AMC, let us assure you we offer a proven solution adopted by the most prominent lenders in the industry, supported by the most sophisticated AI and world-class technology. 

Leading Provider for ACE+ PDR
Class Valuation has successfully completed the verification process and is an approved provider for Freddie Mac's new ACE+ PDR (automated collateral valuation plus property data report) solution.

Freddie Mac's ACE+ PDR solution is a new offering that allows lenders to originate cash-out and certain no cash-out refinance loans without an appraisal. With ACE+ PDR, additional property information is physically collected on-site by trained data collectors and data collection technology using the Freddie Mac PDR dataset in place of an appraisal.

The data set requirements to participate are very comprehensive, and Class Valuation's Property Fingerprint Report provides lenders with everything they need to leverage this new and exciting product. ACE+ PDR offers an expedited valuation solution to help lenders get to the closing table faster and with greater certainty.

"Property Fingerprint is the only 3D scan technology utilizing virtual inspection to collect comprehensive, standardized, and repeatable data collection," said Scot Rose, Chief Innovation Officer at Class Valuation. "We are thrilled to be leading the way and enabling our partners to take advantage of these new and exciting programs like ACE+ PDR, desktop, and hybrid appraisals."

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About Class Valuation
Class Valuation is the most trusted nationwide Appraisal Management Company (AMC), delivering outstanding speed, quality, and service. In addition to partnering with the largest lenders in the industry, we are equally committed to providing the highest quality service to the smallest lenders and brokers. With over 2 million appraisal valuations completed, we are the fastest growing AMC in the nation with over 400 very satisfied clients. We work with over 20,000 of the highest-performing residential appraisers across the nation and are continuously growing our panel. With the best innovation, people, products, processes, and technology, we are confident we will exceed our client's expectations and help them succeed.