API

Selecting a Funder

ValEx is moving towards a more formal concept of a Funder entity. We're doing this to allow a better experience for Mortgage Managers, and provide our customers with different paneling, compliance and risk management tools. If you're implementing a system for a Mortgage Manager, then this article is relevant to you.

To support this via LIXI, we'll be parsing a RelatedPartySegment looking for a ValEx Funder ID; and if found, we'll associate that Funder with a valuation.

Example XML

An example of \\RelatedParty[@RelPartyType="Lender"]\Identifier[@Type="VPMAssigned"]:

                <-- Select funder -->
		<RelatedParty RelPartyType="Lender">
			<Identifier Type="VPMAssigned" UniqueID="VXF-1234"/>
			<CompanyName BusinessName="LargeLoansInc"/>
			<PersonName>
				<FirstName>Mr</FirstName>
				<Surname>Example</Surname>
			</PersonName>
			<WorkPhone PreferredContactMethod="Yes">
				<Phone>
					<FixedPhone AreaCode="08">81111111</FixedPhone>
				</Phone>
				<Phone>
					<Fax AreaCode="13">12345678</Fax>
				</Phone>
			</WorkPhone>
		</RelatedParty>

                <-- Select person ordering job / mortgage manager -->

		<RelatedParty RelPartyType="Lender">
			<Identifier Type="VPMAssigned" UniqueID="VXCL-4321"/>
			<CompanyName BusinessName="MortgageManagerPtyLtd"/>
			<PersonName>
				<FirstName>Job</FirstName>
				<Surname>OrdererName</Surname>
			</PersonName>
			<WorkPhone PreferredContactMethod="Yes">
				<Phone>
					<FixedPhone AreaCode="08">81111111</FixedPhone>
				</Phone>
				<Phone>
					<Fax AreaCode="13">12345678</Fax>
				</Phone>
			</WorkPhone>
		</RelatedParty>

This will ask ValEx to search for Funder ID 1234, and if found, attach it to this valuation request.

Where can I get a list of Funders?

There is an 'export list of available funders as csv' function in the Client login. In ValEx, simply go to "Management" --> "Funders", then "Export CSV".

Simply use the identifiers there, and prefix with 'VXF-'.

Tip: Validate your data against the XSD

Having trouble interacting with our test site? Keep getting an ominous 'error code 5'?

Consider adding unit tests which do XSD validation, or pre-checking your packets prior to sending against an XSD.

Recommended reading:

Suburbs & Validation

ValEx has some pretty extensive listings for available suburbs. If you've logged in to our system, you've probably encountered our 'type to find suburb' controls.

If you're wondering where we get our data from, we base it off of data from Australia Post.

This means that any suburb which meets certain criteria is guaranteed to be in our database. This also means our system can be a little bit fussy about available suburbs.

LIXI data which contains seemingly incorrect suburb data will generate an error email, with any matches available in our system listed and some suggested links to helpful resources.

We recommend organizations consider some implementing some basic validation (ie, a listing of suburbs and postcodes from Australia Post) before submitting any lixi packets.

Quotes in outbound valuation requests

We're happy to announce that we're now rendering the panelled fee from our system.

A job is ordered, then allocated to a valuation firm - at this point an automatic quote is obtained.
This quote information has typically been pre-agreed with our Panel coordinator and your valuation firm.

We're now sending out the initial quote with the valuation request.

You can find it in the FeeSegment - \\FeeSegment\Fee[@Amount].

Please note: At this time, if the quote is updated in ValEx, we won't issue any notification or workflow.

If your users find the quoted amount is incorrect, the first point of contact is the Valuation Exchange administration department.

Service Level Agreements & Due dates

We use a SLA system which is based on a 2 business day turnaround for metropolitan jobs, and 3 business days for regional jobs.

We publish the pre-calculated deadline in our valuation requests to valuation firms.

You can find it in the \\RequestedPriority section.

\\RequestedPriority\Date
The calculated deadline for the job
\\RequestedPriority\Indicator
The urgency of the job.

Delays, weekends, public holidays, and times outside of business hours are excluded from the calculated turnaround of the job - so if a delay is added to a job after the valuation request has been sent, the deadline may shift.

We do not currently publish workflow to valuation firms, which would contain amended deadline information.

WorkFlow supported in ValEx

We currently require Valuation Firms to be able to send us core workflow (status update) types done through hitting statusUpdate() method on ValEx's endpoint:

  1. Accepted (optional)
  2. Assigned
  3. Delayed
  4. Inspected
  5. Declined
  6. In Progress (optional at this time)
  7. There are more under discussion

Here are some of the required features of each packet type below:

General

In the related party section. You must define your Valfirm with it's Valex id in a VPMAssigned identifier in the format of VXV-00XXXX. If you don't know your Valex valfirm id email us.

Assigned

Any valuer you assign a job to must be in the ValEx system. There way the ValEx requires valfirms to identify valuers in the valuer related party segment.

Valex does this by using their Valex valuer id as a VPMAssigned identifier. This requires you to store your all the Valex id's of your Valuers.

You can find the valuer IDs from the Valfirm Realm, Management, Valuers menu; then Export CSV.

We accept these in the format of VXVLR-00XXXX. Read more about Identifiers.

You should pay attention to Valex's response to assigned. If it's not 0, it's possible the job has been reassigned to another valuation firm. In most cases this shouldn't be an issue, but just make sure your system checks the result.

Assigned is also how you set the appointment time. You can resend an assigned with an appointment time once that's set.

Please be aware that some business rules apply.

Delayed

A delayed workflow must include a non empty comment node. Hence you'll have to take and store a comment in your system.

The Delayed date must be in future. If you send us a date without a time, Valex assumes the date starts at midnight (2007-01-01 0:00:00) - this will cause errors at our end.

See more about Delay Reasons and How do Delays work in Valex?

Inspected

Please set both the workflow date and the actual inspected date to the date of the inspection.

Accepted

We also support accepted workflow; and recommend its implementation - however it will not block your system from working.

This status will cause ValEx to assign your default valuer.

Declined

We now support declined workflow. A comment about the reason declined must be in the packet. ValEx enforces a 10 character minimum rule for comments about why you are declining a job. For valuation firms, we strongly suggest you enforce similar provisions in your user interfaces.

InProgress

We now support inprogress workflow. We can optionally take an appointment time, and this workflow will remove all Delays on a job.

This will also add a note to the job.

Resources

There are sample packets at the bottom of this article.

We will try to continue to update this article with issues Valfirms come up with. If you have issues with workflows, please recheck this article.

Sample Packet XPath

Assigned

VPMAssigned identifier
/ValuationTransaction/RelatedPartySegment/RelatedParty/Identifier
Valuer name
/ValuationTransaction/RelatedPartySegment/RelatedParty/PersonName
Valuer work phone
/ValuationTransaction/RelatedPartySegment/RelatedParty/WorkPhone

Delayed

Delay Status
/ValuationTransaction/Message/MessageBody/Status
Comment
/ValuationTransaction/Message/ValuationType/WorkFlow/Comment

Inspected

Actual Inspection Date
/ValuationTransaction/Message/ValuationType/WorkFlow/ActualInspectionDate
Workflow Date
/ValuationTransaction/Message/MessageBody/Status/Date

Declined

Comment
/ValuationTransaction/Message/ValuationType/WorkFlow/Comment

InProgress

Date Of Inspection
/ValuationTransaction/Message/ValuationType/WorkFlow/DateOfInspection
Comment
/ValuationTransaction/Message/ValuationType/WorkFlow/Comment

Accepted

Accepted Status
/ValuationTransaction/Message/MessageBody/Status

What about cancellations?

At the moment, ValEx only supports outbound cancellation requests.

Delay Reasons: How our internal types map to LIXI types

We send Delay Workflow packets to clients. We require that Valuation Firms send back a Delay Reason and Delay Comment to enable reporting to our clients.

Important Warning: ValEx will not accept Delay Reasons for issues where an internal Valuation Firm issue prevents timely completion of a report. Such issues should be managed via an IT solution or via process within each individual Valuation Firm. Be aware that ValEx audit delay use regularly.

User Interface

Below is a quick summary of our UI, and how that relates to the LIXI standard. Please ensure that your interpretations of the LIXI Delay Reasons map correctly to our interpretations.

Current Delay Reasons in ValEx

LIXI Mappings: Parsing from Valuation Firms

IncorrectContactDetails
Contact numbers supplied are incorrect or not answering. Please provide ValEx with new contact numbers.
Other
Other - No longer supported
AtCustomersRequest
We have contacted the Customer and they are unable to make an appointment time, they have advised for us to contact them again on
TenantDeniedAccess
The Tenant/Letting Agent/Selling Agent has not been able to secure access. We have been advised to contact them again on
IsolatedLocation
Next visit to this location is
IncorrectAccessDetails
Address of property to be valued appears to be incomplete or incorrect. Please confirm from source documents and phone ValEx with correct details.
WaitingForCall
WaitingForAgent
Contact numbers supplied are incorrect or not answering. Please provide ValEx with new contact numbers.
AwaitingAuthorisation
AwaitingBuildingInformation
AwaitingFeeChange
Insufficient documentation provided by the Bank. Please provide the following documentation.
ValExContactingDifficulties (new)
Client/Tenant has requested that Inspection be conducted on
ValExOutsideAgreements (new)
Request outside ValEx agreeements.

LIXI Mappings: Rendering to Clients

Client/Tenant/Agent has requested that Inspection be conducted on
We have contacted the Customer and they are unable to make an appointment time, they have advised for us to contact them again on
AtCustomersRequest
Contact numbers supplied are incorrect or not answering. Please provide ValEx with new contact numbers.
Customer/tenant/agent will not return calls. Please resolve with customer and contact ValEx to advise.
IncorrectContactDetails
The Tenant/Letting Agent/Selling Agent has not been able to secure access. We have been advised to contact them again on
Client/Tenant/Agent has denied access to property. Please resolve with Customer and Phone ValEx to confirm.
TenantDeniedAccess
Next visit to this location is
IsolatedLocation
Address of property to be valued appears to be incomplete or incorrect. Please confirm from source documents and phone ValEx with correct details.
IncorrectAccessDetails
Insufficient construction documentation provided. Please provide the following documentation.
AwaitingBuildingInformation
Insufficient documentation provided by the Bank. Please provide the following documentation.
AwaitingBuildingInformation
Request is outside Valex agreements.
Other
Other - No longer supported

Securitisation, and specific comments

Our system now captures specific comments around Securitisation issues.

Previously, we required one Securitisation comment and had Yes/No enumerations for the assorted securitisation attributes.

We've now swapped to allowing an xs:string for those attributes, and will use that as the specific securitisation comment. We assume that empty or omitted means 'No securitisation issue, or comment'.

We've also removed the general securitisation comment.

This change will occur July 1.

In the future we will be drafting something very similar to RiskRatings/RiskAnalysis, with individual items and explicit comment fields; and will submit this back to standard body.

RiskAnalysis and RiskRatings, and Compliance Rules

Our system now captures individual comments for specific risk ratings.

For clients - we previously did not render anything particularly useful in the comment fields when returning a response, however we will now include the full comments as entered by the valuer.

For valuation firms - now that we capture specific risk comments, we have some additional rules about when a comment is required.

In general:

  • If any risk rating is 3-Medium or higher, a specific comment is required (RiskRating/Comment)
  • If three or more risk ratings are 3-Medium or higher, the overall risk analysis comment is required (RiskAnalysis/@OverallRiskAnalysis).
  • If one or more risk ratings are 4-MediumToHigh or higher, the overall generic risk comment is required (RiskAnalysis/@OverallRiskAnalysis).

When it doubt, it's best to provide more risk comments than less.

New XSD Published

We've been detailing some of the upcoming changes to our implementation of LIXI over the past few days. To assist in migration for third parties, we'd like to share with you an initial draft of our next version XSD.

It can be found at http://www.valex.com.au/lixi/schema/1.3.2/ValuationTransaction.xsd

It should be a few steps closer to the original LIXI standard. We'll be bringing this xsd into effect as of July 1.

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