Paradigm adds AVM information to support page
Paradigm Mortgage Services has added information on lenders’ automatic valuation model (AVM) and LTV restrictions to its coronavirus support page.
The information on lender’s AVM levels is split into four areas, residential purchase and remortgage, and buy-to-let purchase and remortgage.
It allows the user to access information quickly on the maximum LTV allowable by each lender for AVMs, plus specific notes relating to product availability, maximum loan size and other relevant criteria.
The support page was launched last week and is available to all intermediaries, not just members of Paradigm.
Paradigm has posted a new video update from Bob Hunt, chief executive, which covers a wide range of topics including changes in the market, CPD, compliance support and operational changes.
It also discusses the value of protection, the importance of speaking to clients about the cover they have in place and the value-added services that may be included in their policy.
Hunt, said: “With physical valuations off the table, many lenders are, or moving towards, accepting AVMs, however, the LTV levels for such a policy are different for each product and each lender.
“We’ve therefore created a new ‘Lender Matrix’ to capture this information, in order to help advisers check their own cases against what each lender deems acceptable.
“We therefore urge firms to check into these coronavirus support pages regularly to ensure they have full information prior to attempting to place cases.
“We will continue to develop valuable resources to support intermediaries during this challenging time for our market.”