Method-VM has unveiled an application programming interface (API), with Keystone Property Finance becoming the first lender client to adopt this cutting-edge technology, designed to streamline the valuation process.
Method-VM, a valuation and development monitoring panel management firm with more than 80 lender clients, said the release could bring speed and efficiency to the valuation procurement process.
The client-facing RESTful APIs, integrated into the lender’s systems, will allow lenders to handle the valuation procurement process from initiation to conclusion.
The operations integrated include requesting and receiving quotes, formally instructing the chosen surveying firm, handling queries and Post Valuation Queries, and ultimately receiving the valuation report and associated key data points.
Keystone Property Finance is expected to be the first lender client of Method-VM to utilise this integration, with more lenders expected to start their development work in the early part of 2025.
Elise Coole, managing director of Keystone Property Finance, said: “Integrating the new Method Valuation API into our systems is good news for us and our clients.
“It will help us to maintain efficient processes, obtain valuations quickly for our borrowers but also ensure we are still able to work directly with the Method Valuation team as and when the need arises.”
Stephen Henman, managing director of Method-VM, said: “This exciting tech development is a significant step forward for those in the specialist finance market.
“It brings the valuation process for non-owner-occupied residential valuation closer to what we have seen in the residential property space for some time.
Henman added: “We expect this innovation to yield significant benefits for lenders and borrowers alike. It will lead to greater speed and efficacy whilst simultaneously reducing exposure to operational risk.
“We are committed to innovation and creating the perfect combination of people and technology and are thrilled that Keystone Property Finance have chosen to come on this innovation journey with us.”
