RBS has entered an agreement to adopt Landmark Valuation Services’ Valuation Risk Model (VRM) in the hope of delivering greater risk insights and efficiencies in its mortgage valuation process.
By analysing property, loan and environmental risks Landmark’s VRM allows the RBS and NatWest to apply an automated valuation where the risks are considered ‘low’, delivering a faster turnaround to brokers and applicants.
The VRM uses data from 1,500 sources including Land Registry, Environment Agency and Ordnance Survey to assess the property level risk of all homes.
Jason Craddock, commercial manager – mortgages at RBS, said: “We are delighted to extend our relationship with Landmark Valuation Services by selecting its Valuation Risk Model to add further rigour to our mortgage valuation process.”
Michael Holden, head of client relationships at Landmark Valuation Services, added: “Our VRM uses a huge range of data sources and property intelligence to support lenders in determining the way each mortgage valuation instruction is handled.
“Now, more low-risk cases can be delivered by an automated valuation, which means RBS can provide faster turnaround times on applications for brokers and homebuyers, plus by alerting surveyors to potential risks upfront, it reduces the number of time consuming Post Valuation Queries that require further investigation.”