"Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce, whilst maintaining security."
VEX enables lenders to distribute work to, and receive work from, qualified surveyors. Based on a single platform, surveying businesses can communicate with their surveyor panels and allocate valuations to the most appropriate surveyor.
The product provides a centralised platform for all stakeholders in the valuation chain and aims to significantly cut down the time and administration required to fulfill successful transactions.
BlueZest will launch later this year, offering a range of products including mortgages and secured loans through intermediaries.
The lender says it aims to "re-shape the mortgage sector" by using technology to modernise the entire mortgage process and deliver a decision within 30 minutes.
Chris Slater, Chief Operating Officer at BlueZest, commented: “The success of our lending business, which focusses on offering customers mortgage decisions in under 30 minutes, relies on making the right decisions, with accurate and timely information from third parties. When a full valuation is required, accurate information about the progress of the valuation from VEX is critical to being able to commit to an applicant when we will be ready with their offer.
“Now, with the residential valuation process available on a single platform, our team can gain an instant insight into activity or 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, whilst maintaining security.”
