A decision engine that helps to speed up property valuations has been launched by Gen H, Legal and General (L&G) and Rightmove.
The new engine has been built by L&G Surveying Services, and gathers extensive information on the property in question using proprietary L&G data alongside other third-party data providers.
The engine follows the lender’s property policies using data and surveyor expertise to determine if the property is suitable security or if a physical inspection is required.
Occasionally, valuation reports can bring about further queries. In the past, these could cause delays, compounding customer stress.
The property decisioning engine changes this as any post-valuation queries can be raised directly with certified surveyors who manage the engine’s outputs for prompt feedback.
This will provide faster responses to queries and speed up the mortgage application process for borrowers.
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The launch underscores the opportunity for innovation in the homebuying industry.
Ed Burgess, strategic manager in data services at Rightmove, said: “We’re constantly looking at ways we can help to speed up and improve the home-moving experience for our partners and their customers.
“By using Rightmove’s market-leading property data, the property decision engine will help Lenders determine the type of valuation required for a home more efficiently and with a higher degree of confidence.
“There’s a lot of exciting innovation happening in this area that will impact the way decisions are made during a property transaction, and we’re looking forward to continuing to play a big role in this.”
Awaiting valuation results can be a stressful part of buying a home.
The new engine ensures valuations are appropriately handled from the outset.
It also enables quick access to detailed information for post-valuation queries and brings certainty sooner for all involved.
Pioneering solutions
Kevin Roberts, managing director at L&G Mortgage Services, added: “We know that property valuation delays can greatly impact the customer purchase or remortgage journey, which is why we’re fully committed to providing pioneering solutions to support lenders, brokers and customers.”
Meanwhile, Karen Appleton, head of lending at Gen H, said: “The launch of the property decisioning engine allows us to get answers for our customers sooner, which can make all the difference to those going through a property transaction.
“We can also provide more detailed information, such as sharing with customers that while a property may be unsuitable for us, if they can find another property, we’d happily lend to them.
“This, like all of the innovation that we prioritise as a team, is about creating better customer outcomes – and I’m looking forward to seeing the impact that the engine will have in the coming months and years as we refine and expand its remit.”
