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Xit2 launches valuation risk tool

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  • 01/04/2011
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Xit2 launches valuation risk tool
Xit2 had launched a risk software tool designed to improve risk management for lenders and surveyors on valuation and solicitor panels.

Valcheck sends an automatic email alerts to lenders risk and compliance teams when valuation reports submitted by surveyors present an overvaluation risk.

The riskware has been developed in partnership with Rightmove and can be accessed by lenders, panel managers and individual valuers.

The riskware will be live on 1 May via xit2’s website and e.surv chartered surveyors is the first company to sign up to the riskware.

A spokesperson for xit2 said: “This is the first fully-functioning property alert available in the market and will ensure that both lenders and surveyors are aware of the risks, and are able to repond quickly to them.”

Mark Blackwell, managing director of xit2 said: “Financial institutions need low cost innovations like Valcheck if they are going to address the property risks they face. Lenders have been crying out for an accurate tool that allows risks to be identified and resolved in real time.”

Alan Gearing, managing director of the Rightmove AVM business added: “Valcheck will be linking up with what we believe is the most accurate AVM in the country. We use a combination of Rightmove data, valuation data, and property prices from the Land Registry to track the latest market trends.

“We’re well ahead of the game because we don’t rely as heavily on Land Registry data like other AVMs. Land Registry data can take several months to become available in relatively low current volumes with coverage that remains patchy given the market.”

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