Project description
Digitising the mortgage process
Automation is key in the residential mortgage market, but too many products still have manual processes. Big data and accredited surveyors can help put order in the data-driven residential property valuations. Currently, the process is inaccurate, slow and costly. To supercharge the mortgage approval process, the EU-funded Geowox project provides property valuations in real time. This will be useful for mortgage providers and mortgage investors who are still served by external manual surveyors, delivering paper or spreadsheet-based valuations via email. The project will develop a proprietary platform with two main elements: a proprietary address encoder, and a sophisticated automated valuation model. Overall, digitisation will improve the customer experience and speed up the entire lending process.
Objective
Geowox provides data-driven residential property valuations in real-time. Our clients are mortgage providers and mortgage investors, who are still served by external manual surveyors, delivering paper or spreadsheet based valuations via e-mail. This process is inaccurate, slow and costly. Geowox brings together the efficiency of big data solutions and the due diligence performed by accredited surveyors.
We bring accredited surveyors onto our platform, (supercharging) providing them with Automated Valuation Models (AVMs) and report building modules. We offer specific applications for i) new mortgage valuation (a one time, single unit, home-visit based valuation for new mortgages) and ii) existing mortgage revaluation (a periodic, non-home visit based revaluation during the mortgage lifetime), which are the most common tasks performed by surveyors.
The EU/US residential valuation market is worth €1.5bn annually. €500m are served by software solutions, with no accredited surveyor intervention. The remaining €1bn is served by over 150,000 accredited surveyors, performing similar property valuations.
The core of our proprietary platform has two main elements: i) a proprietary address encoder, able to enrich uniquely identifiable geo-coordinates and property characteristics to addresses from a wide array of sources. ii) an AVM able to predict residential property value to a Median Absolute Percentage Error (MdAPE) of <10%, with the goal to reduce this to <5% by 2021.
Fields of science
Programme(s)
Funding Scheme
SME-2b - SME Instrument (grant only and blended finance)Coordinator
D02AW71 DUBLIN 2
Ireland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.