Keystone Property Finance has become the first lender to use the Method-VM API technology to manage the valuation process.
Method-VM is a valuation and development monitoring panel management firm with more than 80 lender clients. It recently enhanced its proposition to allow lenders to integrate this into origination systems.
The firm said this would add further efficiency and speed to the valuation process.
Lenders will be able to manage the valuation procurement process from their system from start to end. This will include requesting and receiving quotes, formally instructing a firm, dealing with queries and the receipt of a valuation report.
Lender clients will now be able to get the valuations they need without logging into the Method-VM portal.
Keystone Property Finance is Method-VM’s first lender client to introduce this integration, and others are expected to follow early next year.
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Elise Coole, managing director at Keystone Property Finance, said: “Integrating the new Method Valuation API into our systems is good news for us and our clients. It will help us to maintain efficient processes, obtain valuations quickly for our borrowers but also ensure we are still able to work directly with the Method Valuation team as and when the need arises.”
Stephen Henman, managing director at Method-VM, added: “This exciting tech development is a significant step forward for those in the specialist finance market. It brings the valuation process for non-owner-occupied residential valuation closer to what we have seen in the residential property space for some time.
“We expect this innovation to yield significant benefits for lenders and borrowers alike. It will lead to greater speed and efficacy whilst simultaneously reducing exposure to operational risk. We are committed to innovation and creating the perfect combination of people and technology and are thrilled that Keystone Property Finance has chosen to come on this innovation journey with us.”
Earlier this month, Keystone Property Finance reduced rates on two- and five-year fixes.
