The introduction of AVMs is seen as the next big milestone in the mortgage market and, until now, it had only been rumoured that a number of lenders were aiming to roll out the models by the end of 2006.
However, Jeff Knight, director of marketing at GMAC-RFC, admitted it was hoping for a Q4 launch.
“There is always trouble when it comes to technology and predicting dates, but we are hoping for Q4. However, it’s more important to get it right, rather than be the first. It’s got to be properly tested. If it was that straightforward it would have been done already.”
Edeus also admitted it was targeting Q4 and that it would be using AVMs where appropriate.
However, Alan Cleary, managing director at edeus, said it didn’t matter who was the first in the market. “We will be utilising AVMs where appropriate and the plan is to introduce them around the same time as GMAC-RFC. But I’m sure GMAC-RFC won’t care if we are first and we won’t if it is first. As with any technology, there is the risk of being first and often second is a better position.”
BM Solutions and Platform also confirmed their interest in AVMs but neither had a specific launch date in mind.
Clare Mortimer, press officer at BM Solutions, commented: “We are always looking at tweaking our products and improving our technology. AVMs are on the agenda but we’ve got no definite date in mind as of yet.”
Paul Hunt, head of marketing at Platform, said: “It is on our radar and we are looking at it in terms of the number of applications it applies to, and I’m sure it would improve our offering in some areas. However, we have no definite plans in that respect.”
