RBS reaches Landmark for mortgage valuation risk management
Provides a “new layer of risk analysis to each and every application”
Royal Bank of Scotland (RBS) will adopt Landmark Valuation Services’ (formerly Quest) valuation risk model (VRM) service for its mortgage valuation process for both RBS and NatWest.
Using property analytics and land and environmental data, VRM helps the banks to apply an automated valuation where the risks are considered “low”.
Where a physical inspection is deemed necessary, VRM supports valuation surveyors by advising them on the risks identified and where best to focus their attention.
Jason Craddock, commercial manager – mortgages, RBS, says: “Not only does it provide a new layer of risk analysis to each and every application, but will improve the speed of decisioning which supports brokers in delivering an improved customer service experience to homebuyers.”
VRM uses data from over 1,500 sources, including Land Registry, Environment Agency, British Geological Survey, Ordnance Survey and others to assess the “property-level risk” of all homes. This includes assessing flood risk, land contamination and environmental factors.
