Peer Reviews and Senior Valuer Approval

ValuePRO extends the concept of security out to the contents of the reports you produce and ensuring that those reports meet or exceed the standards required by your customers.  Some of the mechanisms we offer to ensure this occurs are detailed in this article.

Peer Review of Analysed Rates

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The system can graphically present a snapshot of the market and analysed rates applied by other valuers who have worked in the same area for the same firm for similar properties in the last 3 to 6 month period.  At the same time, the arrows shown indicate where on each of these metrics does the current property sit by comparison to others that have been valued - this helps show the valuations that are statistical outliers and require greater scrutiny by Authorising and Reviewing valuers. 

Company Specific Quality Assurance Rules

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ValuePRO customers can define their own set of automatically applied business rules to each type of valuation they perform and also ensure that lender specific valuation requirements are met.  By programming these rules into the system themselves, customers can ensure that no valuer accidentally attempts to send a report that doesn't meet the minimum standards your firm requires.

Each Rule can result in a PASS, WARNING or FAIL - for each failure, where applicable, a Fix It link assists the valuer by taking them straight to the field or part of the report that requires correction in order to satisfy your business rules before submission to the client. 

Authorising Valuer Approval Process

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To submit a job, the Business and QA rules are run.  For some jobs, provided the contents of the report meet QA rules and the valuer is appropriately qualified, the valuer may be able to send the report immediately by themselves to the customer - thereby accelerating the turnaround time of your jobs by removing unnecessary reviews on low risk work.

For other more complex jobs or work that doesn't fit standard rules or is in excess of a valuer's valuation limits, the jobs are referred to an Authorising Valuer who can se at a glance a queue of jobs they are qualified to authorise.  Upon reviewing each job visually, they are able to Reject or Approve a job.  Rejections are automatically recorded to the job history, the valuer is alerted by email/SMS, the job returns to their My Current Jobs queue and the valuer has to act upon that advice before attempting to resubmit the work.

This manual process of peer and authorising valuer review ensures that there are both quantitative checks (which software systems such as ValuePRO are the best environment for) and qualitative checks (which Humans and experienced senior valuers are best placed to do).

The advantage of the approach shown here is that the senior valuers don't have to waste time correcting basic mistakes or reviewing run of the mill reports and can instead focus their limited time on the areas of highest risk and where their expertise provides the greatest return for the valuation firm and their customers.

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