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The specialist lender has partnered with Valocity to offer brokers access to an online valuation portal, in a bid to save time in the home loan process.
The lender, which specialises in mortgages for the self-employed, has launched a new online valuation portal for brokers, powered by platform provider Valocity.
RedZed Lending Solutions (RedZed) brokers using the Valocity portal will not need to log in to different valuation systems, but instead will be able to access registered valuers using a single login.
This will enable brokers to order a valuation in real time when visiting their customer, or at a later time of convenience.
According to the lender, once brokers have activated their portal, they will be able to order their property valuations directly on the portal as well as utilise the auto-quote process, access the digital dashboard to track their order in real time, supply supporting documentation (in a bid to reduce valuer turnaround times) and access the online auto-payment function (eliminating the need to chase payment).
RedZed highlighted that the tool will not only simplify the valuation processes and assist RedZed in standardising most valuation fees, but also save brokers “time and effort”.
Chris Calvert, executive general manager, distribution at RedZed, explained: “Consistent with RedZed’s objective of delivering a superior customer experience, we identified an opportunity to provide a more streamlined and simplified valuation process for our customers.
“Valocity’s online platform disrupts previous inefficient processes that comprised excessive emails and phone calls that will now be reduced to a single portal that manages the full valuation process and online payment facilities.”
Valocity founder and global CEO Carmen Vicelich added: “We created Valocity to deliver digital innovation and transformation for the property ecosystem and are so delighted to enable a more seamless and customer-centric experience for RedZed and their customers through our customisable cloud-based technology and data.”
RedZed has been investing in several technological enhancements in the past year, and became one of the first companies globally to process mortgages through the SAP Cloud for Banking platform.
Valuations a pain point for brokers
Property valuations have played an increasingly important role in the broker offering recently, with some brokers reporting that differences in lender valuations can be over $100,000 in some instances – drastically changing a borrower’s borrowing power.
Given that brokers are legally required to offer consumers a mortgage that is in their best interests, their recommendation of lender can be informed by the result of their valuation (among other considerations).
According to a recent straw poll on The Adviser, 78 per cent of the 138 broker respondents said that lender valuations were coming in under market valuations, with 48 per cent of these stating they were ‘vastly under’.
Around 17 per cent said that they were equal to market valuations, while less than 5 per cent of broker respondents said that they were over market valuations.
Find out more about the issue of valuation fluctuations, and top tips for avoiding ‘valuation shock’, in the July edition of The Adviser magazine, out now.
[Related: Valuation fluctuation: The rise and fall of property values]
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