AMP have integrated with CoreLogic valuation service so that you can:
order a new valuation for your security property or
retrieve an existing valuation (that you have already had done on your security property)
This article runs through the process to Order a valuation.
Where is the Valuation service in Loanapp?
You will find the valuation service on the Loan & Serviceability page, below the Securities section. Note that "Arms Length Transaction" must be YES in order for a valuation to be ordered:
When you have entered your Security property, the Valuation widget will be 'ready' to use, auto-populated with the security property address:
⚠️ if the Valuation widget is not 'ready' - it will be because you have not completed the Security property details in the section above the widget.
To order a valuation, click "request".
You will get a popup with two options: Request Valuation, or Enter Valuation ID.
This article is stepping through the Valuation ordering process. If you have already got a valuation for your property via CoreLogic, you can 'recall' it to be attached to Loanapp
For a new valuation order, click "Request Valuation". This will send the property details to Corelogic to check against AMP logic (to determine the type of valuation that is required for this security property):
The Valuation Type should return in a few seconds. When the Type has been determined, you can then click "Go" to order the valuation:
Depending on the Type, you will get an instant outcome (where AVM), or the widget will go into "waiting" status:
What are the Valuation Types, and how long do they take?
The Valuation Type for your security property will depend on AMP logic; and different types will return an outcome in different timeframes. Following is the Valuation types, and 'typical' timeframes for valuations to be returned:
Valuation Type | TimeFrame |
AVM (Automated Valuation) | Almost instant |
Existing Residential Valuation | Almost instant |
Kerbside | up to 24 hours |
Shortform/Desktop | up to 24 hours |
Full Registered | 24+ hours - will depend on access |
How do I see the results of the Valuation?
When the valuation is completed, the Valuation widget will update to a Completed Status:
If you expand the widget, you can see the time it was completed:
Click the details button to see the valuation outputs. You can click on each of them to download the reports:
Is the Valuation outcome used anywhere in Loanapp?
Yes. When the valuation is returned, the result is auto-populated into the field in the security property section:
⚠️ This is important - as this value will now determine your application LVR.
Is the Valuation report sent to Supporting Documents?
Yes. The Valuation report and Invoice will be sent to supporting document checklist bucket - ready for you to check and attach to the relevant checklist item:
