Valuation Firm Guide

Title Details

Rasika asks:
What's the XPath for 'Title Details > Further Details' is please?

We parse Torrens Title information from the //Title element.

We don't currently map all elements and attributes here, only @TorrensVolume, @TorrensLot, @TorrensFolio, @TorrensPlan, and @OtherTitleDescription.

We also parse all //RegisteredProprietor/PersonName/FullName nodes into a string seperated list of names.

Finally, we parse all //Encumberance/Comment into a string description of restrictions for the subject property.

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Compliance Checks, Off the Plan Purchases, etc

Unfortunately we don't capture this information as it is not well modelled in LIXI.

We'll be investing some time in improving these questions and how they are mapped in LIXI in the near future (Late 2009), however for the moment your users will have to populate this information in ValEx's user interface.

compliance_qs

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Kerbside Valuations (Kerbside Assessments)

Please note, the below documentation was written in 2009! Please contact it@corelogic.com.au for documentation/support on sending responses to the ValEx system for Kerbsides



We use the lixi RestrictedAccessAssessment option for Kerbside jobs.

This will mean that Kerbside jobs will come to you in a RestrictedAccessAssessment node instead of a FullRegistered node.

Apart from the name, little is different about the requests other than //RestrictedAccessAssessment[@ResultRequired='SinglePoint'] could be used to signify if a client wants a mid point to go along with the range.

We would also parse these nodes back from the valfirm in the response packet.

When an external inspection is not appropriate you would fill in the
//Disclaimer node, otherwise leave it completely blank.

Attached to this article is a sample request and response document and a csv with the xpaths we're currently considering using for this.

See also:
Service type mappings

Errors

If the client configuration is different to the LIXI packet we receive, you may encounter an error like:

XYZ will not accept a Kerbside Assessment where an indication is made that an External Inspection is NOT appropriate and therefore no market value is provided. Please contact Valuation Exchange to arrange an Escalation of the Service Type.

Test environment rollout

We'll be updating our test site on Sun 31st May 2009.

This will enable implementors to test our Expected Selling Period, Workflow and our updated LIXI XSD (1.3.7).

If you have any questions, let us know.

Important change - related party segment now shows Funder as well.

We've put in place a small change to add in the Funder for certain jobs.

You can tell the two related parties apart with the identifier prefix.

Client:

//RelatedParty[@RelPartyType='Lender' and starts-with(Identifier/@UniqueID,'VXCL-')]/CompanyName/@BusinessName

The Client is the Bank. There is always only one Client per job.

Funder:

//RelatedParty[@RelPartyType='Lender' and starts-with(Identifier/@UniqueID,'VXF-')]/CompanyName/@BusinessName

In most cases there will be one funder per job. There will not be more than 1.

This change will be available as of Monday May 11th, 2009.

Accepting a Job - process change

Some time ago we designed it so valuers were assigned before appointments in ValEx.

This has led to the often confusing error message of No office valuer exists, and is generally a pain for all parties.

To fix this, we'll be adding a 'default valuer' setting in our valuation firm setup areas.

Valuation Firm Setup

Our valuation firm users won't have to change anything, however when we deploy there may be some setup and configuration changes we'll need to make.

We are currently looking at implementing this approximately Mon June 15th 2009.

Estimated Selling Period / Estimated Settlement

NOTE: The following article has now been DEPRECATED - please refer to the article on Expected Selling Period

   

LIXI 1.4.3

The new version of the LIXI standard defines an EstimatedSettlement element.

For a while now, we have have been capturing Expected Selling Period under the Value tab of reports. This is also rendered in our reports under the Additional Comments.

Screenshot of Expected Selling Period

We accept:

  • //FullRegistered/ValueComponent/EstimatedSettlement
  • //FullRegistered/ValueComponent/EstimatedSettlement/Duration[@Length] as an int.
  • //FullRegistered/ValueComponent/EstimatedSettlement/Duration[@Unit="Months"]

When we translate your integer to our enumeration; we use the following translation: for months <= 3, we assume a selling period of 3 months. Months 4-6, we assume a selling period of 6 months. Otherwise, we assume greater than 6 months.

To enter a comment, we will continue to read //ExpectedSellingPeriodComment as below.

This method was for LIXI 1.3, and an alternative is now present in LIXI 1.5

In our 1.3 series schema, we looked for:

  • //FullRegistered/ValueComponent/ExpectedSellingPeriodComment
  • //FullRegistered/ValueComponent/@ExpectedSellingPeriodInMonths as an enumeration of:
    • 0-2
    • 3-6
    • Over6

If the estimated selling period is greater than 3 months, an ExpectedSellingPeriodComment should be provided.

Assessed Market Value, Estimated Market Value, and Contract Price

LIXI defines EstimatedValue as a mixed type.

LIXI defines EstimatedValue/@EstimateBasis as an enumeration of:

  • ApplicantEstimate
  • CertifiedValuation
  • CustomerEstimate
  • ContractPrice
  • Database
  • Other

Examples

Assessed Market Value

If the @EstimatedBasis is CertifiedValuation, we assume that the value is the Assessed Market Value.

<EstimatedValue EstimateBasis="CertifiedValuation">
    250,000.00
</EstimatedValue>

or

//ValueComponent/MarketValueAsIfComplete[@Type="SinglePoint"]/@ValueCeiling

See also: Assessed Market Value - best location

Contract Price

If the @EstimatedBasis is ContractPrice, we assume that the value is the Contract Price and we also require EstimatedValue/Date to determine the Contract Date.

<EstimatedValue EstimateBasis="ContractPrice">
    <Date>2004-01-01</Date>
    250,000.00
</EstimatedValue>

Estimated Market Value

If the @EstimatedBasis is omitted or otherwise set to CustomerEstimate or ApplicantEstimate, then we assume that it is the Estimated Market Value.

<EstimatedValue>315,000.00</EstimatedValue>

Or:

<EstimatedValue EstimateBasis="CustomerEstimate">
    250,000.00
</EstimatedValue>

Valuation request

This is a non-exhaustive list of data that is sent with our valuation request that would be important to the valuer. Please refer to the LIXI standard and documentation on this site for other data.

Client name

//RelatedParty[@RelPartyType="Lender"]/Identifier[starts-with(@UniqueID, 'VXC')]/CompanyName/@BusinessName

Funder name

//RelatedParty[@RelPartyType="Lender"]/Identifier[starts-with(@UniqueID, 'VXF')]/CompanyName/@BusinessName

Address details

//RealEstate/Location/Address

Job contacts

//RelatedParty[@RelPartyDescription="Access Provider"]

Borrowers

//RelatedParty[@RelPartyDescription="Applicant"]

Additional Notes

/ValuationTransaction/Comment

Valuation type

//ValuationType/FullRegistered/@ValSubType
//ValuationType/FullRegistered/SubTypeNote

Quote

//FeeSegment/Fee[@Class="Valuer"]/@Amount

Requested return date and time

//RequestedPriority/Date
//RequestedPriority/Time

Assigning Valuers, Accreditation, Mortgage Insurance and PI

ValEx models a valuer's qualifications and experience level, as well as any PI information from the valuation firm; and ensuring that valuers who are not accredited to do a job cannot be accidentally assigned.

Reasons a valuer may not be assigned

  • Explicitly request by a client/funder organisation
  • QBE qualification requirements

QBE qualification requirements

ValEx will render a note, in a similar fashion to a Property Watchlist entry or PreValuation entry.

//DetailedComment/Comment

This valuation may be used by QBE. Only an AAPI (CPV) / FAPI (CPV) / LFAPI (CPV) may conduct the valuation. A Director is required to co-sign the valuation report

Assigning valuer errors

From a LIXI perspective, we'll be generating an error email to notify the valuation firm if you try to assign a valuer accidentally who isn't accredited.

Sample email:

Dear TEST VALFIRM,

Please be advised that the following request 2089149 at:

3 Test Street
ADELAIDE SA 5000

has been allocated to a Valuer that is unauthorised to carry out the valuation (this could be due to the ValEx clients qualification requirements). You can see a Valuers Client Exclusions through the Client Tab on their ValEx Valuer Record.

Please allocate request to an alternate Valuer. Contact Valuation Exchange on 1300 660 051 if you have any enquiries.

Regards
Valuation Exchange

Valuer Accreditation List

Need to know if there is a valuer not accredited for a certain job?

We'll be producing a CSV export in the following format.

To access it

  • Management
  • Valuers / client / funder
  • Accreditation/Exclusion CSV
Valuer ID Valuer Username First Name Last Name Qualification Excluded By Excluded By ID Excluded By Name Service ID Service Description
3 tnguyen Tho Nguyen Client 19 ABC Bank 1 Check Valuation
3 tnguyen Tho Nguyen Client 19 ABC Bank 2 Commercial Valuation
3 tnguyen Tho Nguyen Client 19 ABC Bank 5 Kerbside Assessment
3 tnguyen Tho Nguyen Client 19 ABC Bank 6 Progress Inspection
3 tnguyen Tho Nguyen Client 8822 First Bank of Bankstown 23 Construction Report
3 tnguyen Tho Nguyen Client 8822 First Bank of Bankstown 27 Elite Residential Long Form
124542 boduck Bobo Duck Client 2 Mortgage Mortgages 6 Progress Inspection
125817 adbell Adrian Bell Client 2 Mortgage Mortgages 10 Residential Short Form
136724 aarun Alan Alan GAPI Funder 2 El Fundo 9 Residential Long Form
136724 aarun Alan Alan GAPI Funder 2 El Fundo 10 Residential Short Form

Valuer PI Information

We'll be producing valuer CSV export with valuer PI information in the following format.

To access it (Post date will be advised later)

  • Management
  • Valuers
  • Valuer CSV
Valfirm Employment ID Valuer ID Valuer Username First Name Last Name Valuer Email Valuer Phone Valuer Mobile Valuer Fax Qualification API Number NSW Registration Number Queensland Registration Western Australia Licence Number ValEx Registration Number PI Policy Number PI Expiry Date Valuation Amount Cap Peer Review Amount Valfirm ID Valfirm Name Valfirm Email Valfirm Phone State Address Status
160138 3 tnguyen Tho Nguyen tnguyen@valex.com.au 0402 513 920 AAPI 1-Jan-09 1000000 20000000 2 Megaw & Hogg National Valuers (Adelaide) valuersupport@megawhogg.com.au (08) 7888 9999 SA 100 Waymouth Adelaide 5000 Active
2153 3 tnguyen Tho Nguyen tnguyen@valex.com.au 0402 513 920 AAPI 1-Jan-09 1000000 20000000 4 Megaw & Hogg - Melbourne valuations.vic@megawhogg.com.au 1300 302 144 Active
140646 3 tnguyen Tho Nguyen tnguyen@valex.com.au 0402 513 920 AAPI 1-Jan-09 1000000 20000000 5 Megaw & Hogg - Sydney sydney@megawhogg.com.au 1300 302 144 Active
68591 3 tnguyen Tho Nguyen tnguyen@valex.com.au 0402 513 920 AAPI 1-Jan-09 1000000 20000000 7 Megaw & Hogg - Gold Coast goldcoast@megawhogg.com.au 1300 302 144 Active
18259 3 tnguyen Tho Nguyen tnguyen@valex.com.au 0402 513 920 AAPI 1-Jan-09 1000000 20000000 11 Megaw & Hogg - Test Branch test@test.com (08) 8373 5522 Active
68592 12 tsmith Timas Smith tsmith@valex.com.au 0437 612 978 GAPI 1-Jan-09 500000 10000000 13 Megaw & Hogg - Brisbane brisbane@megawhogg.com.au 1300 302 144 Active
909 798 thope Tony Hope brisbane@megawhogg.com.au (02) 6674 5850 0418 239 959 (02) 6674 5850 AAPI 1-Jan-09 1000000 20000000 13 Megaw & Hogg - Brisbane brisbane@megawhogg.com.au 1300 302 144 Inactive
818 824 thoyle Terry Hoyle thoyle@savills-act.com.au (02) 6255 2394 0408 473 609 (02) 6232 4933 AAPI 1-Jan-09 1000000 20000000 10 Megaw & Hogg - Canberra canberra@megawhogg.com.au 1300 302 144 Active
890 895 tward Thomas Ward tward@wardcommercial.com.au (03) 9827 3311 0414 518 788 1300 721 521 GAPI 1-Jan-09 1000000 20000000 4 Megaw & Hogg - Melbourne valuations.vic@megawhogg.com.au 1300 302 144 Active

Please see the attached examples of valuer list and valuer accreditation list.

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