Monmouthshire Building Society has become the first mutual building society to appoint VAS Panel.
It will utilise the valuation panel management system for selected loan security applications with immediate effect.
The Newport-based Society, which provides a range of mortgage and savings products for households and businesses throughout Wales and South-West England, will use the service to ensure the most relevant third-party RICS-qualified surveyors are instructed based on location, deal type and value.
To maintain high reporting standards, VAS Panel will operate its quality control processes to ensure the Society has the greatest confidence when making lending decisions.
The business will also provide detailed monthly reports attaining to service level agreements, allowing both companies to continually monitor performance and look for any areas of improvement.
Alex Higgins (pictured), head of commercial lLending for Monmouthshire Building Society, said: “We will look to use the VAS Panel service where there is an element to the application which is considered complex, or slightly out of the ordinary, which ultimately requires an extra level of valuation knowledge.
“We are looking forward to working with VAS to ensure our members and customers have a great experience with us.”
Graham Moore, managing director of VAS Panel, part of the VAS Valuation Group, added: “Monmouthshire Building Society are one of the most people-focused, creative, ambitious mutuals in the UK and it is a real statement of intent from both companies to commence the relationship.
“Our aim, as it is with every client, is to make the valuations process as quick, thorough and seamless as possible so not only does the customer complete their deal in the fastest possible time, but the lender also knows every element has been considered to protect their interests.”