This standard enables electronic messaging between lenders and valuers (and related service providers) in ordering, executing and returning reports for real estate valuations.
Users
The intended users of the standard are:
Brokers, lenders, and other parties requesting a real estate valuation
Valuation service providers and Valuation platforms that facilitate the ordering of valuations
Valuers that execute the valuation
Holders of an appropriate licence (MC1, L2-C1, L2-C2, L2-C3, L2-C4, L2-V1, L2-V2, L2-V3)
Content
The message content includes:
Details of the parties involved
Instructions for the valuer
The results of the valuation
Full valuation report
Minimal applicant details and loan details
Messages
The message types include:
A request for a valuation inquiry (quote)
Negotiating the terms and fees for the valuation
Instruction for the valuation to be executed
Updates to the valuation instructions
The result of the valuation (AVM or full valuation report)
