It has significantly improved the speed and accuracy of the valuation process, but brokers have to some extent been left behind, forced to rely on the customer’s estimate while lenders have adopted automated technology.  

With approximately 75 per cent to 85 per cent of mortgages going through brokers, it’s imperative that we streamline and improve the digital process for them, not only for their benefit, but also to ensure that borrowers experience a more consistent and faster mortgage journey. 

The pandemic and associated lockdowns accelerated the need for AVMs, as most lenders and brokers – alongside other industries – had to adapt to a new virtual way of working, a state of play that looks set to continue in some form for the foreseeable future. As more lenders are experiencing the benefits of remote-working technology, now is the time for brokers to reap the rewards too. 

 

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AVMS will offer brokers ‘valuable insight’

Foresight is also an essential part of a broker’s job, with customers valuing those who can quickly provide insight into how lenders are likely to handle a mortgage application.  

Some providers give brokers access to AVM platforms and in obtaining access, they are able to offer this insight swiftly and with a greater degree of accuracy, helping them do their job more effectively.  

The benefits are also clear further down the line, as they are encouraged to embrace automated income verification (AIV) to unlock yet more benefits that lenders have enjoyed for some time. Ultimately AIV will help brokers save time, improve accuracy, minimise rejection and avoid customer disappointment. 

It’s not just in applying for a new mortgage that the AVM can help the broker – it also offers valuable insights that can be used as a retention tool when a customer approaches the end of their existing deal.  

At a time when the housing market remains turbulent, inflation continues to rise and people’s purse strings become ever tighter, it’s more important than ever to deliver a faster time to yes.   

The ease and speed of the mortgage application process is a differentiating factor, with customers favouring systems with streamlined and simplified processes.  

Ultimately, making use of a broker AVM platform aims to answer this combined borrower, broker and lender need, with exponential benefits across cost, time and accuracy.