New online lender BlueZest has partnered with EDM Mortgage Support Services to use its Residential Valuation Exchange.
The exchange lets lenders to distribute work to, and receive work from, qualified surveyors. Based on a single, centralised platform, surveying businesses can communicate with their surveyor panels and allocate valuations to the most appropriate surveyor.
The product provides a transparent, centralised platform for all stakeholders in the valuation chain, helping to cut down the time and administration required to fulfill transactions.
BlueZest’s chief operating officer Chris Slater said the success of his business - which aims to offer mortgage decisions in under 30 minutes - is contingent on accurate and timely information from third parties.
“Now, with the residential valuation process available on a single platform, our team can gain an instant insight into activity or any individual case,” he stated. “Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce, whilst maintaining security.”
Ian Shaw, business development director at EDM, said his platform gives them the oversight of the whole end-to-end valuation process, including the selection of surveyor, instruction, receipt and storage of valuation reports and quality control checking and bill payment.
“All this comes in a transparent and industry-compliant online hub capable of regular reporting and full audit that is used extensively by lenders across the UK,” he added.
EDM believes sharing property data between industry parties will create a better experience for brokers and their clients, as well as play a key part in fulfilling the government’s proposals for seven-day mortgage switching.
Earlier this week, the firm’s managing director Joe Pepper stated: “By bringing the process online and making progress on cases available to all parties, including intermediaries, it becomes a reassuring process which can help ensure brokers and clients understand where they are and secure transactions.”
peter.walker@ft.com
