Gen H, Legal & General Surveying Services and Rightmove have launched a property decisioning engine that aims to speed up property valuations and improve confidence in the mortgage process.
The engine uses extensive data to assess whether a property is suitable as security or if a physical inspection is necessary.
When a property is instructed, the engine collects information from Legal & General’s proprietary data and third-party sources.
The engine allows post-valuation queries to be managed directly with certified surveyors for quicker responses.
Karen Appleton, head of lending at Gen H, said: “The launch of the Property Decisioning Engine allows us to get answers for our customers sooner, which can make all the difference to those going through a property transaction.
“We can also provide more detailed information, such as sharing with customers that while a property may be unsuitable for us, if they can find another property, we’d happily lend to them.
“This, like all of the innovation that we prioritise as a team, is about creating better customer outcomes – and I’m looking forward to seeing the impact that the engine will have in the coming months and years as we refine and expand its remit.”
Kevin Roberts, managing director at Legal & General Mortgage Services, said: “We’re delighted to be partnering with Gen H and Rightmove to deliver an innovative property decisioning engine that effectively combines data and surveyor expertise to provide both speed and certainty to the property valuation market.
“We know that property valuation delays can greatly impact the customer purchase or remortgage journey, which is why we’re fully committed to providing pioneering solutions to support lenders, brokers and customers.”
Ed Burgess, strategic manager in data services at Rightmove, said: “We’re constantly looking at ways we can help to speed up and improve the home-moving experience for our partners and their customers.
“By utilising Rightmove’s market-leading property data, the Property Decision Engine will help lenders determine the type of valuation required for a home more efficiently and with a higher degree of confidence.
“There’s a lot of exciting innovation happening in this area which will impact the way decisions are made during a property transaction, and we’re looking forward to continuing to play a big role in this.”
