NovaUCD company Independent Property Price Index is collaborating with mortgage expert Karl Deeter’s mortgage technology firm OnlineApplication.
Founded by Kenneth Kelly, iPPi says it plans to streamline the important initial property value estimation in the mortgage application process, and make it easier and faster for valuers, banks and brokers to coordinate the role of valuers and valuation in the mortgage process.
The two companies will combine their property technology and mortgage technology expertise, with the objective of allowing fast and accurate production of estimates, “and then facilitate the instruction of valuations by qualified valuers,” according to Kelly.
Using its data driven platform, he added, iPPi will be able to feed in reliable property estimates automatically with online mortgage applications from the start, so a lender can underwrite a loan with greater confidence in the property’s value securing the loan.
“When matched with OnlineApplication's 'underwriting AI’ solution, it will give near instant approvals with accuracy that can normally only be achieved by an experienced loan manager with far more documentation and lots of time on their hands,” said Kelly.
In Association with
According to the new partners, prospective borrowers will be able to make a mortgage application in a matter of minutes using OnlineApplication.io — already adopted by the majority of large mortgage brokers — while banks will be able to receive from iPPi instant Eircode-based estimates of value with a high degree of accuracy.
iPPi has recently completed pitch projects with Google and is in the middle of a series A funding round.
According to Kelly: “The digital mortgage space is one that is taking off now. Data is a big part of the digital ecosystem and its evolution that will speed things up while validating mortgage applications, so they are more likely to be successful.
“This is particularly compelling in light of the fact that several banks are exiting Ireland. We want to do our part in making what remains as competitive as possible.”
Karl Deeter commented: “This is where you see the power of different elements of property tech and mortgage tech joining forces for a common good, which is driven ultimately by better customer service. Each of the solutions is impressive in its own right, but game changers when put together as part of an end to end solution.”
Photo: Kenneth Kelly (right) and Karl Deeter
