Lehman Brothers four mortgage brands, Southern Pacific Mortgage Limited, Southern Pacific Mortgage Loans Preferred and London Mortgage Company are set to use Automated Valuation Models provided by Hometrack.
Simon Hinshelwood, chief executive officer of Lehman Brothers Mortgage Capital businesses, says: In certain circumstances we will now allow our packagers the option of instructing an AVM through Hometrack rather than commissioning a valuation report.
We understand speed is a benefit to some but not all customers, our approach is all about choice.
“Provided we are happy with the value of our security within certain risk parameters, we believe the people best placed to determine whether to use full surveys or AVMs are the customers and their advisers through their chosen packager.
David Catt, commercial director of Hometrack, says: We have been working with London Personal Loans for some time and we are pleased to be extending this service, working with other lenders in the Lehman Brothers Mortgage Capital business. We are confident that Hometrack will compliment the existing personalised service being offered to intermediaries.