"Property valuation delays can greatly impact the customer purchase or remortgage journey, which is why we’re fully committed to providing pioneering solutions to support lenders, brokers and customers."
- Kevin Roberts, managing director at L&G Mortgage Services
Fintech mortgage lender Gen H, Legal & General Surveying Services, and Rightmove have announced the launch of a new Property Decisioning Engine which aims to speed up and ensure the appropriateness of property valuations.
Upon instruction, the new engine – built and run by Legal & General Surveying Services – gathers information on the property in question using proprietary Legal & General data alongside other third-party data providers. The engine follows the lender’s property policies using data and surveyor expertise to determine if the property is suitable security or if a physical inspection is required.
Any post-valuation queries can be raised directly with the certified surveyors who manage the engine’s outputs for prompt feedback. This gets nuanced responses to queries faster and speeds up the mortgage application process for customers.
The engine also ensures that valuations are appropriately handled from the outset, enables quick access to detailed information for post-valuation queries, and brings certainty sooner for all involved.
Karen Appleton, head of lending at Gen H, commented: “The launch of the Property Decisioning Engine allows us to get answers for our customers sooner, which can make all the difference to those going through a property transaction. We can also provide more detailed information, such as sharing with customers that while a property may be unsuitable for us, if they can find another property, we’d happily lend to them. This, like all of the innovation that we prioritise as a team, is about creating better customer outcomes – and I’m looking forward to seeing the impact that the engine will have in the coming months and years as we refine and expand its remit.”
Kevin Roberts, managing director at Legal & General Mortgage Services, said: “We’re delighted to be partnering with Gen H and Rightmove to deliver an innovative property decisioning engine that effectively combines data and surveyor expertise to provide both speed and certainty to the property valuation market. We know that property valuation delays can greatly impact the customer purchase or remortgage journey, which is why we’re fully committed to providing pioneering solutions to support lenders, brokers and customers.”
Ed Burgess, strategic manager in data services at Rightmove, added: “We’re constantly looking at ways we can help to speed up and improve the home-moving experience for our partners and their customers. By utilising Rightmove's market-leading property data, the Property Decision Engine will help Lenders determine the type of valuation required for a home more efficiently and with a higher degree of confidence. There’s a lot of exciting innovation happening in this area which will impact the way decisions are made during a property transaction, and we’re looking forward to continuing to play a big role in this.”
