TSB upgrades mortgage risk assessments with Landmark

TSB has upgraded its property risk assessments and sped-up the application process by using intelligent location-based data provided by Landmark Valuation Services.

Using its Valuation Risk Model (VRM), new applications are automatically assessed to determine whether risk factors such as flooding, subsidence or nearby energy infrastructure such as pylons, may have an impact on the property’s valuation.

The bank is then able to make an informed decision on the appropriate valuation method: a physical valuation by a qualified valuer, a desktop assessment or an automated valuation.

Steve Simms, senior manager for property risk at TSB, said: “By intelligently assessing location, environmental and climate change related risks early in the mortgage journey, we can quickly determine the most suitable valuation method.

"This enables low risk properties to benefit from speedier valuation methods and ensures qualified valuer resource is focused towards high risk properties that require a physical inspection."

In addition, TSB is also using Landmark’s Climate Change Portfolio Assessment service to fully understand the future impact that the changing climate may have on the lender’s property back book.

With a requirement for UK mortgage lenders to identify and quantify climate change risk in portfolios, TSB has analysed its back book using Landmark’s service to understand its future risk profile.

Simms added: “Risk will undoubtedly exist with any lender’s back book and part of being a prudent and responsible lender is to ensure you are fully aware of those risks - by working with Landmark Valuation Services, it means we are being proactive and can refine our property risk approach based on climate risk change data."

This is not the first time Landmark has partnered with banks, as in 2017 the Royal Bank of Scotland and NatWest began using the VRM service to deliver greater risk insights and efficiencies in its mortgage valuation process.

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