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CoreLogic Announces ScanToSketch, an Augmented Reality Measuring Tool for Appraisers
More Than 20,000 property sketches and 12,000 appraisals completed in the first 90 Days IRVINE, Calif., November 9, 2023 — CoreLogic, a leading global property information, analytics and data-enabled solutions provider, has announced that it has launched a new property measuring and sketching tool, ScanToSketch. To date, ScanToSketch, which was developed using CoreLogic's appraisal software brand a la mode, has been used to complete more than 20,000 property sketches and has been featured in over 12,000 appraisal reports. ScanToSketch uses an innovative combination of LiDAR and Augmented Reality (AR) Technology to allow appraisers to complete their scans in minutes – building a full exterior footprint of a home and enabling instant access to the sketches for real-time adjustments on-site. "From ScanToSketch to proprietary image analytics, our CoreLogic teams are always working to put new, advanced technology in the hands of our customers. This product improves speed, accuracy and access. We look forward to seeing ScanToSketch's impact across the real estate industry," said Devi Mateti, president, CoreLogic Find and Enterprise Digital Solutions Group. Appraisers who have used ScanToSketch and compared it with traditional measuring tools have noted its speed and accuracy. They can scan any size property and access their sketch immediately. ScanToSketch has an average accuracy variance of 1-2% when compared to traditional measuring tools. While ScanToSketch was created for appraisers, it has the potential to be used in additional aspects of the home-buying process by home inspectors and real estate agents. No specialized hardware is needed to operate ScanToSketch, as it is currently supported on the latest Apple Pro and Pro Max devices and is currently free of charge in the TOTAL for Mobile app, an appraisal software app. About CoreLogic CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and create a more resilient society. For more information, please visit www.corelogic.com.
CoreLogic Launches Commercial Real Estate Evaluation Service
Information, analytics, and business services provider CoreLogic introduced a new commercial property evaluation service on Wednesday that utilizes more than 7,500 real estate brokers and contract appraisers to provide commercial valuations for lenders, investors, and special servicers. According to the California-based company, the system allows users to quickly determine the current market rent for properties more cost effectively than formal commercial real estate appraisals. Evaluations are performed using the income approach and sales comparison approaches to value, providing an overview of local rental market conditions. The commercial evaluation panel was chosen based on the valuators’ local market knowledge and their experience evaluating and marketing specific property types. The new service can deliver a valuation in 10 business days on average, and users can order and track valuations online 24/7. All reports are reviewed by an internal quality control panel made up of commercial real estate valuation experts. “Banks, insurance companies, and whole loan and asset-backed investors currently have more than $3 trillion worth of exposure to commercial real estate,” said David Williams, VP of CoreLogic’s broker price opinion (BPO) operations. Williams went on to explain, “This past December, approximately 9.2 percent of the properties backing commercial mortgage bonds were more than 30 days delinquent. Similarly, many more properties are now underwater and cannot be refinanced. Having an updated, realistic assessment of the value of these properties and their net income stream is essential to reducing risk and determining market-based investment and work-out strategies.” If you would like to learn more about CoreLogic, please click here.