The US arm of CoreLogic has announced the launch of a new product, called PanoramIQ, which uses a combination of property data sets, a unique property ID, machine learning, and data analytics to generate “deeper, more accurate and complete property insights”.
The property data analytics firm noted that, traditionally, lenders and other mortgage industry professionals are required to compare property information across multiple sources to determine which is correct and reliable.
PanoramIQ, on the other hand, combines data from a range of public and proprietary sources and creates “a single-pane view of a property”, which CoreLogic said allows users to make faster and more timely decisions.
“PanoramIQ uses artificial intelligence to scan multiple sources of data, link the data to a unique property ID, analyse and interpret changes, and updates and uses advanced analytics to identify the most reliable information,” CoreLogic’s announcement states.
“This extensive process enables PanoramIQ to be a more complete, current and compliant view of property data.”
Commenting on the launch of the product in the US market, Shaleen Khatod, executive senior vice president at CoreLogic, noted the importance of having “instant and reliable information on a property” so that mortgage industry players can “identify high-quality leads and make timely and competitive underwriting decisions”.
Sherrie Clevenger, principal of product management at CoreLogic, pointed out that an error in data reporting can lead to poor lending decisions or missed opportunities.
“PanoramIQ is designed to turn data points into sales, change how property data is analysed, and improve decision-making. It’s about changing the way property data is analysed, so we can help lessen the amount of errors and build trust back into the system,” Ms Clevenger added.
*This story was updated on 20 March to reflect that this product is only available in the US market.