Called “QC+” — the extra quality control process is delivered by one of VAS’s chartered surveyors and delves deeper into key variables which could affect valuations — providing an added risk management tool for lenders on larger value properties and their inherent complexities.
Once the report has been submitted back to the client, a surveyor will be able to talk through the valuation in greater depth.
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All reports go through VAS Panel’s internal quality control process which follows a red, amber and green rating system to determine if the report needs further reviewing, before moving into the additional QC+ system.
It has been trialled with leading vendors for six months and will now be utilised with all clients.
David Morris, director of real estate credit risk at Shawbrook Bank, said: “As a bank we take risk management extremely importantly — this is part of the reason why we use VAS Panel for our valuations.
“We find the QC+ process very helpful as it adds an important layer of oversight to the valuation process on the larger transactions.
“The whole process combined adds up to a safer lending decision in the end.”
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