Overview
For Lenders with the Valex integration, you have the ability to order a valuation before or after submission of your application. This article will teach you step by step how to order a valuation through Loanapp.
Guide on how to order valuations before submission
Step 1:
Note before ordering: The information that you need to send to Valex to order the val must be in the Loanapp data, as this then auto-populates the order.
When you are ready to order the Val (ie you have completed at least the applicant data, and property data, in Loanapp) the Valuation ordering functionality can be found in the FILE tab. Click on the File tab up in the left-hand corner of Loanapp:
And select "Order Valuation" from the menu:
Step 2:
You'll need to click on Create Valuation Request - which will trigger a new window to open.
Step 3:
Property Information Tab
Select your Property and Property Type. You'll notice that if you have a valid application prior to ordering the valuation, all fields will be pre-populated like so:
If you've missed some data, you will not be able to proceed with the request until you complete the missing data. To do so, you can simply click on the search icon to the right of the field, to be taken directly to the section within Loanapp for completion.
Step 4:
Applicants & Loan Writer Details Tab
Ensure that your applicant and your personal details are correct prior to proceeding. If all is complete, you will be able to go to the next step.
Step 5:
Loan Details Tab
Here you'll need to specify the Loan Primary Purpose. You'll notice the loan data you have entered into Loanapp is pre-populated into this section. Its important these loan details are correct as it helps determine the LVR and hence the type of valuation ordered.
At the bottom of this page, you'll notice some extra selections which you can make. These are not mandatory - simply tick the box of those that apply to your scenario or just ignore if none are applicable.
Step 6:
Order Valuation Tab
This is the final step of the process where you order your valuation.
You can add any documents that are needed for the valuation order before sending the request (eg Contract of Sale) , then Order Valuation.
If you do not want to order the valuation now, you can click on Save for later and come back to the valuation at another point in time.
Once you've ordered your valuation, you will see confirmation from within the same window, like so:
And there you have it! Your valuation has been ordered.
How do you keep track of progress?
To check on progress return to the Order Valuation section via the File tab. There, you'll see your valuation request(s). Things to remember:
Date Created refers to the date and time of your order.
Status refers to the progress/status updates on your order. These will change from 'Sent' to 'In progress' to 'Completed'.
Product Name refers to the type of valuation ordered. These types range from Kerbside, Desktop, Short Form, AVM, and will depend on lender rules.
Security Address refers to the address for which the valuation was ordered.
Actions History refers to any action done by you, as the broker. This will generally reflect 'Submit - date and time'.
Actions lets you view your order again, step by step as displayed through out this tutorial.
Where is the valuation report?
Once your valuation order is complete, this will be reflected in the Status panel.
When COMPLETE, the Valuation report will be automatically uploaded into your supporting documents section for this application. You can click on Supporting Docs to view the Valuation Report sent back from the valuer. Double click on these pages to view them or save them elsewhere.
Note that once you submit your application, the valuation report will still be in Supporting docs. Don't forget to revisit this after submission of your application to allocate it to the checklist. For more information on Supporting Docs upload and how to send them to the lender, click here.