- e.surv has consulted with lenders to further develop its pre-existing alternative to physical valuations, known by the business as Remote Valuation
- Statistical rigour and risk controls enhance the flexibility of the model
- e.surv continues to work with the lender community to further refine its solution
As part of an ongoing strategy to support the market through the current COVID-19 crisis, e.surv, the UK’s largest residential chartered surveyors, has extended the deployment of its tailored Remote Valuation solution.
e.surv originally launched a Remote Valuation solution in 2017, bridging the gap between AVM (Automated Valuation Models) and valuations derived via physical inspection. By working closely with lenders on a tailored solution, e.surv has been able to support the market while prioritising the safety of its staff, its customers and the wider public.
With physical valuations on hold, e.surv consulted with lenders to agree upon an appropriate and effective contingency and the volume of cases is increasing daily, helping the market to remain innovative and agile. The Remote Valuation solution combines sophisticated risk assessments with third party data and importantly, local knowledge from surveyors, enabling e.surv to conduct remote valuations safely and accurately. While not all cases are suitable for this valuation methodology, by making use of the rules e.surv has developed with lenders, many previously suspended applications are now moving forward to completion.
In accordance with the government guidance on social distancing and non-essential travel, e.surv took the decision in March to cease all physical valuations and enable its employees to work from home. Thanks to its iPad-based Remote Valuation Application, its Risk Engine technology, and the support processes it already had in place, e.surv was able to move at pace to help sustain the mortgage market while protecting the health and wellbeing of its employees and customers.
Richard Sexton, Director at e.surv, comments: “Our tailored solution ensures the safety of our employees and customers, while upholding the excellent standard of service that is expected of us. Since the start of the COVID-19 crisis, we have worked closely with lenders to agree an accurate and safe alternative to physical valuation and we are continuing to improve our offering. We completed thousands of Remote Valuation cases last year and we expect to see an uplift in demand in 2020. By the end of next week, we anticipate being live with at least 14 lenders from all sectors.
“Thanks to the sophistication of our pre-existing remote valuation solution and the significant investment we have made in the latest technology, we have been able to respond quickly to the crisis. Colleagues throughout the business continue to work hard in challenging circumstances, to support lender requirements. Our management team is extremely proud of these colleagues and our considered response to this crisis. With some lenders suspending use of AVMs, we anticipate a growth in demand for Remote Valuations in the coming weeks and months.”