RBS partners with Landmark
Written by Chris Lemmon
RBS has entered into an agreement with Landmark Valuation Services to adopt its Valuation Risk Model (VRM) service, to deliver greater risk insights and efficiencies in its mortgage valuation process for both Royal Bank of Scotland and NatWest.
Using property analytics and a wealth of land and environmental data, Landmark’s VRM will assess the potential risks relating to a property for every mortgage application processed by the lender. In doing so, it enables the Royal Bank of Scotland and NatWest to apply the best fit valuation approach on each and every case.
By analysing property, loan and environmental risks Landmark’s VRM presents the opportunity for the Royal Bank of Scotland and NatWest to apply an automated valuation where the risks are considered ‘low’, delivering a faster turnaround to brokers and/or applicants. Where a physical inspection is deemed necessary, the VRM then supports valuation surveyors by advising them on the risks identified and where best to focus their attention.
The Landmark VRM utilises 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 a wide range of environmental factors.
Jason Craddock, commercial manager of mortgages at RBS, said: “We are delighted to extend our relationship with Landmark Valuation Services by selecting its Valuation Risk Model to add further rigour to our mortgage valuation process. 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.”