Xit2 has launched Valcheck, a real time valuation alert tool as part of its new risk management services.

Valcheck sends automatic email alerts to lenders risk and compliance teams when valuation reports submitted by surveyors present an overvaluation risk.

It has been developed in partnership with Rightmove and the latter’s AVM and property data.

Mark Blackwell , managing director of xit2 said: “Valcheck is a powerful risk management weapon as much as a valuation tool. Financial institutions need low cost innovations like Valcheck if they are going to address the property risks they face. Lenders have been crying out for an accurate tool that allows risks to be identified and resolved in real time.