xit2, the mortgage and property data exchange specialist, is launching a new property risk management platform for the commercial valuation market.
The platform, the Commercial Valuation Exchange, distributes and manages commercial valuations. Designed in conjunction with Santander, the system will save the time of corporate, commercial and business banking teams and help them manage the risks associated with working with third parties. The Commercial Valuation Exchange aims to facilitate ongoing audit, monitoring and control procedures while improving data management.
The software enables lenders to instruct members of their panels electronically, providing surveyors with all of the details they need to carry out valuations and offer other specialist advice, as well as the facility for updates and completed reports which can be uploaded onto the system. As the platform is web-based, it allows personnel from multiple Santander business centres to access the system and interact with panel firms.
Mark Blackwell, managing director of xit2, said: “We designed the Commercial Valuation Exchange to meet the different challenges faced by lenders who are operating with leaner teams and need to work as efficiently as possible. Working closely with Santander, we have now developed a platform that gives lenders oversight of the whole commercial valuations process and full control of who is doing what, within intuitive pre-agreed fee scales. It’s a one stop shop for end to end commercial valuation risk and process management and complements our well established residential valuation exchange platform used extensively by lenders across the UK today.”
David House, Head of Property Risk at Santander commented, “The success of our commercial lending business in difficult times relies on making the right decisions, with accurate and timely information from third parties. Now, with the commercial valuation process from multiple business centres available on a single platform, our teams can gain an overview of activity – while being able to audit any individual case. Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce, while keeping it more secure than ever.”