TROY, Mich.--(BUSINESS WIRE)--Class Valuation, one of the largest nationwide providers of real estate asset valuation and appraisal management solutions to the residential mortgage industry, announced today that they have made an equity investment in and are partnering with InsideMaps, a technology company using computer vision to digitize the home, to lead innovation within the valuation and mortgage space. This partnership allows Class Valuation to develop modern solutions designed to meet the needs of the evolving mortgage industry.
InsideMaps’ technology generates 3D tours and models of both the interior and exterior of homes while also generating a detailed data set. Their easy and affordable solution can be deployed at scale while also ensuring consistent, high-quality results each and every time. “We could not be more excited about partnering with Class Valuation," said Founder and CEO of InsideMaps, George Bolanos. “Class Valuation's proven execution strength and entrepreneurial speed make them ideally suited to spark industry-wide adoption of this next-generation home inspection process.”
Class Valuation plans to roll out the new technology through a phased approach, partnering with industry stakeholders to ensure it meets the needs of lenders, appraisers, providers, and governing bodies. “There are many benefits of having a digital rendering of the home as we modernize the appraisal process including, but not limited to, bringing consistency and credibility to the inspection of a property. Furthermore, it provides a lasting impression of the home at the time of inspection, which provides many downstream benefits – one of the most important being fraud prevention,” said Class Valuation Chief Innovation Officer, Scot Rose.
The technology will enhance the valuation process. Class Valuation SVP of Valuation Transformation & Engagement, Julie Jones, elaborated, “Through extensive field testing, we found that appraisers using InsideMaps were able to schedule their appointments without consideration of harsh weather conditions and were able to avoid common nuisances such as measuring around thorn bushes or clutter. Appraisers were then able to focus their efforts on observing and recording property data characteristics that impact loan eligibility or drive value. InsideMaps brings much needed structure and certainty to the inspection process. Training for its use in the field is well underway, and Class is focused on recruiting appraisers to its Innovation Panel that will represent early adopters of this technology to improve efficiencies and credibility. Our partnership with InsideMaps is an unparalleled opportunity to drive our industry forward.”
Class Valuation Chief Executive Officer and Partner, Mike Detwiler, concluded, “We know our industry is on the brink of change within the valuation space, and it will take leaders in every category partnering together to bring about the future. We are committed to being that driving force and see InsideMaps as just one way we will help the industry move towards sustainable, long-term modernization.”
About Class Valuation
Class Valuation, formerly Class Appraisal, is a top nationwide Appraisal Management Company (AMC), delivering outstanding quality and service to every client. The company is committed to combining the best people, products, processes, and technology available to help lenders make more homeownership dreams come true. Class has consistently been ranked highly in client service by several of the nation's top ten mortgage lenders and has been recognized as a top place to work, along with receiving many other industry awards. For more information, please visit www.classvaluation.com.
InsideMaps is a Stanford StartX company that uses patented computer vision technology to turn spaces into data. They partner with leaders in a variety of industries to market, inspect and appraise homes and commercial spaces. InsideMaps, the next best thing to being there. For more information, please visit www.insidemaps.com.