Don't give a report: mortgage borrowers will be able to save on housing valuation
Russians will be able to save on appraisers' services when applying for a mortgage, Izvestia found out. The service for estimating the cost of housing and generating documents using artificial intelligence has already been tested by Sber and Dom.rf Bank. The new mechanism will help reduce the loan processing time by several days and reduce the cost of the transaction, because the appraiser's work usually costs 3-10 thousand rubles. What else financial organizations are doing to simplify disbursements is in the Izvestia article.
How to get an appraiser's report when applying for a mortgage
Dom.rf Bank, the Fintech Association (AFT) and Sber have tested a real estate valuation service using artificial intelligence (AI) technologies, Izvestia found out. It will allow not only to determine the market price of housing, but also to issue the necessary documents for its purchase without involving an appraiser.
— Today, banks have enough data to independently model the market value of a real estate object, saving customers time and financial costs, — said the deputy chairman of the Board of Dom Bank.Russian Federation" by Alexey Kosyakov.
Artificial intelligence will also allow the bank to quickly assess the risks of the transaction and understand how much its collateral will cost, the credit institution explained. In the case of a mortgage, this is the apartment itself, which the bank can take away if the borrower stops paying off the debt.
Price analysis is the most important stage when applying for a mortgage, because it is based on its results that the bank calculates credit risks, Alexey Leipi, director of Sberbank's Domclick division, explained to Izvestia. Ultimately, the use of AI technologies will reduce labor costs and expenses for this process both on the part of borrowers and on the part of the lender, and significantly accelerate it. Now it takes several business days, which can be critical if the owners are in a hurry to sell the apartment and are ready to choose another buyer.
Ultimately, the client's path will be greatly simplified, said Dmitry Ishchenko, Deputy General Director of the Fintech Association.
The Bank of Russia has supported the concept of a real estate valuation service using AI. Nevertheless, its launch will require legislative changes, the regulator clarified. The regulatory framework for this will be worked out at the site of the Fintech Association.
And now the service has been piloted in the regulatory sandbox of the Central Bank of the Russian Federation. This is a special legal regime that allows market participants to test products even before the adoption of laws, thanks to which they can earn money.
Alfa-Bank is also testing a similar technology for real estate valuation. They use their own models based on market data, photo and video reports to reduce the time needed to evaluate the facility, Anastasia Yakupova, head of the Mortgage Lending Development Directorate at the credit institution, told Izvestia.
Another vivid example of digitalization in the market is online services from Cyan Analytics and Yandex Real Estate, Oleg Abelev, head of the analytical department at the Rikom—Trust investment company, recalled. They also rely on big data, pre-estimating the market value of an object, taking into account different housing characteristics.
How much do housing appraiser services cost?
Prices for appraiser services start from 3 thousand rubles — such offers are posted on the <url> website. At the same time, they average 6-7 thousand rubles, and in some cases they can reach 10 thousand rubles. Russians will be able to save so much thanks to new banking services.
However, this is not such a large amount, given that real estate costs an average of 7-15 million rubles, so the main benefit of the service is convenience, said economist Andrei Barkhota.
— Real estate valuation and mortgage registration are considered to be one of the most bureaucratic stages of a housing transaction. The process includes the collection of documents, the involvement of an appraiser, the preparation of the report and its coordination with the bank — it can take from several days to a week, — said Vladimir Chernov, analyst at Freedom Finance Global.
Getting rid of paperwork and bureaucracy can not only shorten the mortgage processing period by several days, but also make the process easier for all parties, the expert said.
This is critically important for banks in the highly competitive real estate market. Many borrowers today choose a credit institution to apply for a mortgage, not only in terms of rates, but also in terms of the quality of service, Vladimir Chernov added. Therefore, the introduction of AI can be an important advantage for the organization.
The new service will ideally fit into the sale of comfort and economy class housing, the cost of which is easier to estimate using algorithms, said Evgeny Shavnev, CEO of Flip real estate investment company.
How to speed up getting a mortgage
Market participants offer other solutions that can speed up the process of buying a home. For example, Alfa-Bank uses big data and AI analysis to instantly monitor a client's solvency and automatically pre-approve a home loan, a representative of the organization told Izvestia. Thanks to this, customers can get an online mortgage with a guaranteed solution.
Also, solutions are already working in the Russian Federation that have greatly accelerated the process of buying a home. Transactions are now registered in Rosreestr in digital format, so a personal visit to the MFC is no longer necessary, Vladimir Chernov explained. All documents can be signed using an electronic digital signature. Thanks to the integration of banks and portals for the purchase of housing, it is possible to book an apartment and apply for a mortgage in a few minutes.
Evgeny Shavnev is confident that in the future, the vast majority of decisions related to the purchase of housing will be based on AI analytics. The trend towards the development and implementation of these technologies can be traced in many areas, and banks, in principle, strive to attract the attention of customers with more and more comfortable services.
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