UK building society Northern Rock has switched on an online valuation management system from xit2, a provider of outsourced business services for the lending industry.
Xit2's Valuation Exchange system enables Northern Rock to complete valuations more efficiently.
Richard Barclay, head of credit at Northern Rock, says that the valuation is a criticial part of the mortgage process. He adds: "The efficiencies in our mortgage processing, which have been helped by xit2's Valuation Exchange, have improved the service we can offer to IFAs and customers."
Northern Rock has gone live with the solution following a six month pilot.