You are here: Home - Better Business - Business Skills -

Why can’t brokers speak to the valuer direct? Esurv

by: Richard Sexton director at Esurv
  • 24/11/2015
  • 0
Why can’t brokers speak to the valuer direct? Esurv
It can often be frustrating for brokers when a client's valuation goes awry. Richard Sexton explains why valuers are not accessible to the intermediary market.

Valuers are regularly approached by brokers for more information on particular applications in which they have an interest, but in most cases, the information that can be shared is very limited. This is not, as is sometimes alleged, a policy of being intentionally unhelpful, but instead stems from the fundamentals of the relationships both parties have.

Valuers and brokers are both essential components in the majority of mortgage applications, but have very different drivers and obligations. A broker’s job is to find a suitable mortgage product for their client and then guide the application through to completion, seeking to overcome any ‘barriers’ that arise including instances where the valuation suggests an issue.

On the other hand, a valuer’s job is completely different. They are retained by their client – the lender – to give impartial advice to allow the lender to assess whether the property is of reasonable security and how much they might lend. The valuer is paid not to have a vested interest in the outcome of the advice provided.

In respect of responding to enquiries, the default position is that if valuers interact directly with any party other than the lender, this will be contrary to the contract in place and could have very serious consequences. There is nothing sinister about this, purely lenders wishing to stay on top of all communications regarding individual applications to ensure they conclude appropriately.

There is some confusion in the market regarding who the mortgage valuation is for, but in reality it is purely for the lender’s benefit. Copies are sometimes shared out of courtesy and confusion can sometimes arise as a result of the way application fees are described. Lenders are working hard to make communications in this area clearer.

In reality, however frustrating, brokers will seldom be able to extract information directly from valuers regarding a case. It is genuinely more efficient to use the channels in place via lenders, who in turn impose clear response time expectations on valuers. Both groups of professionals will reduce unproductive workloads if this is kept in mind before reaching for the phone.

There are 1 Comment(s)

You may also be interested in