Automation in the valuation process introduces a range of time and cost savings and this will now be enhanced by this new integration. Based upon the business ‘rules’ defined by lenders the system will, when appropriate, pass on the valuation instruction to an approved valuer in the usual way or seek an AVM from Hometrack.
Furthermore, when an AVM is sought the results are fed back into the system and double checked against the lenders’ rules. If the result does not fit then the instruction at this point is automatically referred to a valuer.
David Ford, director at Xit2 said: “The management of data is crucial in the mortgage approval process and technology exists to speed up this significantly. By offering access to AVMs directly from the Valuation Exchange it means that the process is managed more efficiently using an integrated and seamless transition from AVM to full valuation as defined by lender rules. “
David Catt, commercial director Hometrack commented: “The use of AVMs can play a crucial role in helping brokers’ clients get their mortgage offer in a more timely fashion. This integration means that lenders and packagers can ensure that the most appropriate valuation method is selected on a case by case basis. The effective use of technology cuts swathes through some of the cumbersome time consuming elements of the process which benefits brokers, lenders and borrowers.”
