The issue put the panel and valuation management process to the sword.
One panel manager even questioned if it was a service he wanted to be in at all.
In or out – there is a job to be done either as valuer, panel manager or both. We see these challenges through our Valuation Exchange, and how different panel managers perform with each lender when those lenders place their valuation business in the hands of their service provider – a third party who will then often sub panel that business to another third party, another surveying firm.
Technology plays a key role in supporting the instruction and reporting process but can also play a key role in managing the allocation of work in accordance with a lender’s own criteria.
Controlling service levels is one thing, but gaining an oversight of third party service provision is equally as important.
As lenders you need to know who all your third parties are who are carrying out your key tasks in mortgage service provision, and as intermediaries your objective is that the valuation itself is completed within a reasonable timeframe that does not slow down the mortgage process.
We hope this growing market continues to move away from these service issues with no added risk to the process, and that valuation technology shows its value in this area.
Mark Blackwell is managing director of xit2
