Recommendation

Recommendation is a field within ValEx which will allow the valuer to indicate whether the property is appropriate to be considered as security for lending purposes.

Recommendation is generally an optional field for Valuers. Some clients may select (due to their Mortgage Insurer’s requirements) that this is a mandatory question to answer (please refer to the 'RequiresRecommendation' section below for more detail on this).

XPaths

Recommendation actually encompasses the following three fields in Lixi (these will be described in the following sections):

  • //ValueComponent/@RequiresRecommendation
  • //ValueComponent/@RecommendedSecurity
  • //ValueComponent/@RecommendationReason

RequiresRecommendation

From a ValEx perspective there are settings which stipulates whether Recommendation is a mandatory field for valuers to answer for each Client or Funder. This will be sent from ValEx to the LIXI Firms via setting the RequiresRecommendation as “Yes” in the request when required:

<ValueComponent ... RequiresRecommendation=”Yes”> 

In turn, it will then be up to the valfirms to implement on their system to determine whether the Recommendation is required to be provided, based on what they receive from RequiresRecommendation.

RecommendedSecurity

This is the actual field for indicating whether the Security is an acceptable security to be considered for Lending Purposes.

There are currently 3 outputs for this field in Lixi:

When the Valuer is indicating that the Security is an acceptable security to be considered for Lending Purposes:

<ValueComponent ... RecommendedSecurity=”Yes”> 

When the Valuer is indicating that the Security is not an acceptable security to be considered for Lending Purposes:

<ValueComponent ... RecommendedSecurity=”No”> 

When the Valuer is not indicating either way (due to the setting being optional in ValEx per client/funder):

<ValueComponent ... >

RecommendedReason

When the Valuer indicates that the Security is not an acceptable security to be considered for Lending Purposes (i.e. RecommendedSecurity="No"), we will require comments to support this, at least 5 words will be required:

<ValueComponent ... RecommendedSecurity="No" RecommendationReason="This is not an acceptable security to be considered">