Valuation Audit Services (VAS) has launched VAS Software, a new cloud based service to provide lenders with the ability to manage their existing valuation panel or create a new one with assistance from VAS.

The firm believes it will be relevant to bridging lenders because it will enable them to find the most relevant and available valuer in the shortest possible time. It is available to lenders of all sizes as well as lenders new to the market about to build their first valuation panel.

VAS Software allows lenders to add in their own criteria, including property sector, the minimum and maximum values a valuation firm can be instructed on, choose specific distances that valuers can travel from their offices and many more features.

Stephen Todd, director of Valuation Audit Services, said: “VAS Software has been created in response to the daily challenges lenders are faced with when trying to find suitable valuers to carry out loan security valuations across the UK. Finding the right valuer, in the right location, with the right experience, is paramount to reducing lending risks. This is made even more difficult if a lender does not have the time or tools available to effectively build and manage a valuation panel that deals with all of their needs.

“VAS software undoubtedly adds a lot of value to lenders of all sizes, and to lenders new to the market. As our software is cloud based any updates can be made instantly with all users being able to access the software from any location at any time. This allows greater control over which valuer is instructed and allows a lender to forge relationships with local valuers across the UK.”