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Ordering Valuation With Top 4 Lenders in Australia

by  | Corporate
Posted:     Updated: Mar 21, 2019  3:53 ET
 
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Loan processing is a lengthy, complicated and hectic process. The stages of loan processing are

  • Setting up a loan application
  • Data entry in CRM
  • Supporting Document collection
  • Preparing loan serviceability calculators
  • Property valuation
  • Pricing
  • Submission
  • Lender follow-ups and tracking
  • Approval
  • Settlement
  • Post-settlement

Many tasks make up the loan processing service from filing a loan application to loan settlement. For loan processing service a highly trained staff is required. Every lender has their unique process of ordering a valuation.

Market Valuation V/s Bank Valuation

Valuation is the process to know and calculate the market value of the property. There are two types of valuation: Market Valuation and Bank Valuation. Market value is the price that the market is prepared to pay for the property. Market value is the selling price of the property at any given point of time. Bank valuation is for the lenders. It is lower than the market value and for mortgage purpose only. This article focuses on ordering valuation with the top 4 lenders in Australia.

The Big 4 lenders in the Australian mortgage market is ST. George, ANZ, NAB and CBA. In the Australian Mortgage Market.We use the term Full Valuation and Desktop Valuation. Full valuation is also known as Short Form Valuation. The valuer will go and inspect the property and come up with a comparable sales value. It is the sales value for a particular period. The Desktop valuation is also known as AVM valuation or Modelled valuation. In this valuation, the system will automatically do the valuation for the property.

Ordering Valuation

The valuation for all lenders is done through the online banking portal.The valuation requirements include customers details, security address details, loan details for the property, property attributes, contact of access details, and the supporting documents are the contract of sale for purchase loan, rate notice and certificate of title for refinancing and building contract for the construction loan.

The contact of access for full valuation will be real estate agent for purchase or the client himself if its a refinance. The contact of access for desktop valuation will be the broker.Some bank like CBA charge fees while ordering full valuation. The service level agreement for the full valuation differs from bank to bank as well as the type of property.

The portal will provide the Valex ID for the property after the valuation is requested. The Valex ID is a number which is required for the valuation follow up. Valuation Follow up is done to know the status or update on the valuation.

Valuation Followup

The methods of valuation follow up differs from bank to bank. There are three ways to follow up for valuation. The broker/broker support can do valuation follow up from the lender's broker portal. This is applicable for ANZ and St George. The broker/broker support can also follow up through Core Logic. This is the case for NAB. The follow-up also can be done through both core logic and broker portal which is applicable for CBA.

Valuation Report Generation

When the valuation is complete, you can download the valuation report from the portal itself, or the report gets emailed to the broker. You can download ANZ and NAB’s valuation report from the portal. Whereas, St. George and CBA’s valuation report gets emailed to the broker.

Outsourcing Loan Processing Service

You can outsource the task of ordering valuation, a part of loan processing service. Outsourcing such task can be a strategic solution. It can help you focus on core activities. Outsourcing tasks to a BPO company save operational costs and increase productivity.Outsource can be either onshore or offshore. Selecting a BPO that specializes in the mortgage will give a mortgage processing company a strategic advantage.It is advantageous if the brokers get Virtual Assistant Support in loan processing service.

You can rely on Outsolu Nepal for your loan processing service. Outsolu Nepal is an outsourcing Company for Australian mortgage brokers. The employees are highly trained with all the knowledge to perform in the task and assist the brokers. They have the expertise to deal with the tasks critically which makes outsourcing one of the competitive advantages. It also has a comparatively lower cost for quality loan processing service. Contact us for better back-office support.

Topics: Commercial business development | Residential other
More by: Outsolu Nepal

 

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Ordering Valuation With Top 4 Lenders in Australia

by Outsolu Nepal | Corporate
Posted: Mar 13, 2019  6:07 ET    Updated: Mar 21, 2019  3:53 ET

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