Valuation Exchange. Process Manual

Transcription

1 Valuation Exchange Process Manual The Total Valuation and Risk Management Solution Web Based... People Managed 1 P age

2 Table of Contents Overview... 3 Placing your Valuation Order... 4 Progressive Updates Completed Report Delivery Valuation Dispute P age

3 Overview Pepper Homeloans and Valuation Exchange (ValEx) has teamed up to create the ability for you to order your valuation request directly online with ease. Ordering your own Valuation Report through Valuation Exchange will allow you to have a valuation assessment prior to submitting an application for a loan approval with Pepper Homeloans which will make it more efficient, as the lender will be able to utilise the valuation report to structure the loan application based on the valuation outcome. Please note that the valuation report may only be considered by Pepper Homeloans. The following document will outline the process for placing a valuation order, the status updates you will receive throughout the valuation process, the delivery mechanism and format for a completed valuation report and the dispute process. Thank you for your business! Valuation Exchange. 3 P age

4 Placing your Valuation Order You will have a specific website address to visit to place your upfront valuation order: The URL is Please add this to your list of favourites to enable quick and easy access for all future requests. When you select the website address, you will be presented with Valuation Exchange in a new window. You will be able to view Valuation Exchange Contact Details and Business Hours. Enter your postcode to ensure it is in an acceptable area and select Check and Begin. 4 P age

5 You will be presented with Terms and Conditions and an Ordering Agreement, please ensure you read carefully these instructions and then select to acknowledge these conditions of ordering. Specifically, ensure you are ordering a property type that is not excluded and you are aware of the cancellation fee. When you select to order a valuation, you will be presented with an interface which requires you to enter a randomly generated word into a security check. This ensures added security to protect you and Valuation Exchange. Select Next once you have completed the security word. 5 P age

6 Enter the Applicant Information (the applicant is the individual ordering the valuation, not the customer looking to borrow the funds). Ensure you select the correct Applicant Type, as this will dictate the appropriate Promotional Code settings. Scroll down and enter the Customer Information (this is the individual looking to borrow the funds). Once you have entered the name, select to add customer. The fields will appear for you to add a second or third customer name as required. Select Next once you are done. 6 P age

7 Enter the Subject Property Information and whether you have an estimated market value or contract price. If you enter a suburb that ValEx cannot cover for you, a confirmation message will appear to advise you of this and will direct you to contact your Lender Home Loan Representative if you wish to make a loan application. Valuation Exchange will check to ensure you are not ordering a valuation that has previously been submitted. If a previous order has occurred within the last 90 days, a confirmation screen will appear to direct you to contact your Lender Home Loan Representative to advise them of this. Confirm whether the Land area of the Subject Property is 2ha or over and confirm that the property you are ordering is a single residential dwelling/unit or vacant land (ie not two dwellings on one title which is out of scope). Select the icon to upload any supporting documentation you have for the valuation request. If you enter a price that exceeds the $2M value limit, if the property is not a single residential dwelling or if it is not a vacant land; a confirmation message will appear to direct you to your Lender Home Loan Representative if you wish to make a loan application. 7 P age

8 When Uploading Documents, select the document, select the document type and add a description as required: Close the Document Uploading window once you are complete. Enter the Inspection Contact Information for the valuer to use to gain access to the subject property. Select whether the contact is a personal or business name and then enter that name, the role of the contact and as many phone numbers (including state prefix) as you have for that individual or business contact (this will ensure the valuer is able to make contact quickly) Select Add Contact once complete. You can add more than 1 Inspection Contact if you wish. Select next once complete. 8 P age

9 The Summary of your Valuation Order and the Valuation Fee will be calculated and the presented to you. Select next if you are happy to proceed to make payment for the valuation. If you have been provided a promotional code, enter it on this interface. Prior to submitting on the following Payment page, ensure that the promotional fee is displaying the amount payable that you expected. Enter your credit card details and select to Pay Now. If the credit card details were entered incorrectly, relevant decline messages will display to you. 9 P age

10 The ordering process is now complete. On the Confirmation Screen you can download your Invoice and Receipt. Select Finish to complete the Order. Within a few moments, you will receive a Valuation Receipt and Invoice order advice via sent to the address provided in the ordering process. 10 P age

11 Progressive Updates You will receive Status Updates as the valuation request progresses. When the appointment is scheduled for the inspection of the subject property, a confirmation (to the address provided during the ordering process) will be sent to advise you of the date and time. If a delay occurs, due to access not being granted to the property or due to contacting difficulties, an (to the address provided during the ordering process) will be sent to advise the ordering parties advising you of the date and time when the inspection is now booked. 11 P age

12 Completed Report Delivery When your Valuation Report is finalised, it will be sent from Valuation Exchange to the address supplied during the ordering process (and to the additional address if provided). The will contain two PDF attachments, a report cover letter and the valuation report. Both of which should be printed and retained. Review your valuation report and submit this to your Lender Home Loan Representative with your Loan Application for consideration. 12 P age

13 Valuation Dispute If you wish to dispute your valuation assessment, you will need to complete this request online through the website address: The URL is Please add this to your list of favourites to enable quick and easy access for all future requests. You will be presented with contact details and business hours for Valuation Exchange. Select the Link to Query a Completed Valuation. 13 P age

14 Use the Completed Valuation Report to locate the ValEx ID and the Customer Surname. Enter these details into the fields. You will also be presented with an interface which requires you to enter a randomly generated word into a security check. Select Next once done. Note You can only query a Valuation Report direct with Valuation Exchange, up until the Valuation Report has been submitted to your Lender Home Loan Representative. If the report has already been submitted to the Lender, Valuation Exchange will provide a confirmation of this, and you will be required to contact your Lender Home Loan Representative to query the valuation report. Select the Query Type: Value or Non Value. 14 P age

15 If you are querying the Valuation Market Value the following screen outlines the required supporting documentation for the query. Comparable sales information should consist of at least one and preferably three properties to support the query. Enter supporting information into the typing field and click on the link to upload additional supporting documentation. If you click on the link a new window will open to allow you to upload documentation. A new window will open to allow you to upload documents. 15 P age

16 Select to Submit the Query once you are done. A Success message will appear: Your Query is now submitted to the Valuation Firm for review. A confirmation advice would be sent to the Customer and/or broker (depending on the initial Orderer) to confirm the Receipt of a Post Valuation Query. You can expect your query response to generally be provided back to you within 48 hours of submission. 16 P age