NZ ValConnect Upload Portal - Q&A

Valuation Firms

1. How will this service allow me to complete a valuation when I cannot inspect the property?

The ValConnect Upload Portal enables valuers to send a one off link to the home owners or tenants, with an intuitive step by step process to upload property images. Whether the valuer undertakes an external onsite inspection, partial external (kerbside) inspection, or a virtual inspection (from the desk), the ValConnect Upload Portal will allow a third party to provide real time internal images of the property, with time/date stamp and geo-coordinates, which will assist the valuer to make an informed view of the property, while ensuring the safety of all parties.

2. How much does the ValConnect Upload Portal cost?

This solution is provided at no additional cost.

3. How do I get access to the ValConnect Upload portal?

The ValConnect Upload Portal generates a one off URL that is available for valuers to send to the property occupant. This URL will be automatically generated for every valuation order we receive. The valuer is able to send this link to the property inspection contact via email. When the property inspection contact opens the link they will be guided through a step by step process to accept location services on their device, and upload images. These will be passed to ValEx and you will be able to view these photos within the ‘Document’ tab and download them for inclusion in your report.  For valuation firms that have integrated into CoreLogic systems via an API (Application Programming Interface), the photos will appear in their normal location for inclusion in the report.

Please see User Guide for further information.
 

4. What are the relevant guidelines for non-physical inspection?

The latest relevant information from the New Zealand Institute of Valuers (NZIV) can be found on the Property Institute of New Zealand (PINZ) website:
https://propertyinstitute.nz/DataFilter?Action=View&DataFilter_id=374
https://propertyinstitute.nz/Attachment?Action=Download&Attachment_id=3310

The latest relevant information from the Australian Property Institute can be found on the Australian Property Institute website at: https://www.api.org.au/covid19-updates

5. Is the ValConnect Upload Portal solution compliant with the industry guidelines?

Yes.  The ValConnect Upload Portal is intended to be used by a valuer who have met the industry guidelines as outlined here

6. Can I use the ValConnect Upload Portal solution for all valuation types?

Yes, the ValConnect Upload Portal solution can be used for all valuation types subject to satisfying the requirements outlined in the answer to Q5.

7. Is the ValConnect Upload portal service secure?

The ValConnect Upload Portal is part of CoreLogic’s ValEx product which is ISO 27001 certified. We use a secure token to ensure only the valuer can share a link with the property inspection contact to share photos to that valuation request.  The only data revealed to the property contact is the address. No other information provided by the lender is shared with the recipient of the link.

8. I have a technical issue with ValConnect Upload Portal – how do I get it resolved?

If you have any technical issues, please contact our support team by emailing assistedvaluationsnz@corelogic.co.nz

9. Does ValConnect Upload Portal impact any webservice connectivity I have with ValEx?

We don’t believe any development will be required by integrating Valuation Firms in order to use the basic functionality (generate URL and receive photos), however this has not been tested to date with each firm. There may be future development required to enable new features as they are introduced.

10. I am using the ValConnect Upload Portal and am waiting for the property contact to submit photos – how do I document this current status on the job?

In the first instance it is recommended that an Action Update – Attempting Contact is applied and free type the reason “COVID19 – awaiting Third Party Photos”. 

11. How can I be sure the photos are current and were taken at the subject property?

As part of the upload process, CoreLogic captures the details about the photograph and the user’s upload location using geotagging, where the property inspection contact’s device has this enabled. 

When enabled, the location of the photos can be viewed in ValEx. For a virtual inspection only, location capabilities must be used to ensure that the correct property has been identified.  If enabled by the property inspection contact, when a photo is taken, the time and date of its capture are coded into the photo, which is then be available within the system.  Please note that this feature relies on the user’s device settings.
 

Lenders

1. How will the ValConnect Upload Portal allow valuations to be completed when the instructing valuer cannot inspect the property?

The ValConnect Upload Portal enables valuers to send a one off link to the home owners or tenants, with an intuitive step by step process to upload property images. Whether the valuer undertakes an external onsite inspection, partial external (kerbside) inspection, or a virtual inspection (from the desk), the ValConnect Upload Portal will allow a third party to provide real time internal images of the property, with time/date stamp and geo-coordinates, which will assist the valuer to make an informed view of the property, while ensuring the safety of all parties.

2. What are the relevant guidelines for non-physical inspection?

The latest relevant information from the New Zealand Institute of Valuers (NZIV) can be found on the Property Institute of New Zealand (PINZ) website:
https://propertyinstitute.nz/DataFilter?Action=View&DataFilter_id=374
https://propertyinstitute.nz/Attachment?Action=Download&Attachment_id=3310

The latest relevant information from the Australian Property Institute can be found on the Australian Property Institute website at: https://www.api.org.au/covid19-updates

3. Is the ValConnect Upload Portal solution compliant with the industry guidelines?

Yes.  The ValConnect Upload Portal is intended to be used by a valuer who have met the industry guidelines as outlined here.

4. How does a valuer decide when to use the ValConnect Upload Portal solution?

As long as the requirements of question 3 have been satisfied, it is the valuers discretion when to use this solution, however the under the guidelines it is recommended that the Valuer obtains as much supporting data as possible when a physical internal inspection is unable to take place.

5. Is the ValConnect Upload Portal secure?

The ValConnect Upload Portal is part of CoreLogic’s ValEx product which is ISO 27001 certified.  We use a secure token to ensure only the valuer can share a link with the property contact to share photos to that valuation request.  The only data revealed to the property contact is the address. No other information provided by the lender is shared with the recipient of the link.

6. How do I ensure the quality of these assessments? Does Corelogic have compliance processes in place to support valuations completed using ValConnect Upload Portal?

CoreLogic is working with lender clients who use ValEx Compliance services to ensure that valuation reports that are checked comply with valuation standards as well as Residential Standing Instructions and any addendums.

7. Is there any additional cost to lenders, valuers and consumers to use the ValConnect Upload Portal?

No.

8. How can I tell which valuations have been completed using the ValConnect Upload Portal?

The valuer is required to reference the evidence that have used in order to undertake their valuation assessment within the Valuation Report.

9. Does my valuation panel have access to this solution?

Yes, the ValConnect Upload Portal is available to all valuers subject to specified panel requirements.

10. Do we need any additional legal agreements/contracts to use the ValConnect Upload Portal?

We require customers wanting to use the ValConnect Upload Portal to acknowledge the unique limitations of the solution by agreeing to a variation agreement associated with the use of the product.  The ValConnect Upload Portal acknowledgement will be sent to you if your panel firms require the use of this solution.

11. Do valuation firms on our panel have professional indemnity insurance that provides adequate cover for valuations carried out using ValConnect Upload Portal? If not, how can we make changes to the panel to support this?

Valuation firms are responsible for ensuring they have adequate insurance cover for all types of valuation requests.  We are liaising with valuation firms to ascertain those with adequate cover for this solution.  In the event that a panel valuation firm is unable to complete valuation reports without inspection due to insurance limitations, it may be necessary to adjust allocations and we will work with lenders to identify and resolve any such issues that arise.

12. Some of my panel valuers already have contactless valuation tools/solutions, do I need to use ValConnect Upload Portal? How can we leverage the best of what is available?

The ValConnect Upload Portal can be used in conjunction with or in lieu of other tools/solutions, or not all. This is a decision between yourself (the lender) and your valuation firms.

13. What is required to switch on this ValConnect Upload Portal?

Nothing. The ValConnect Upload Portal is available for all valuations ordered through our platforms, for all lenders and all valuers. 

14. I have a technical issue with ValConnect Upload portal – how do I get it resolved?

If you have any technical issues, please contact our support team by emailing assistedvaluationsnz@corelogic.co.nz

Brokers

1. Are there any changes to how we order valuations in Property Hub?

No

2. Is there any additional cost to lenders and consumers to use ValConnect Upload Portal?

No

3. Are there any changes to how customers will be contacted for valuations?

An inspection contact will be contacted by the relevant Valuation Firm as per usual however if a physical internal inspection is not a viable option, the inspection contact will likely be requested to utilise the ValConnect Upload Portal.  This will require the inspection contact to take photos of the property and upload them using the tool. Valuers must seek prior written confirmation from the lender to utilise a non-physical inspection and the ValConnect Upload portal.  This is required for each job before it can proceed.

4. Is the ValConnect Upload Portal solution secure?

The ValConnect Upload Portal is part of CoreLogic’s ValEx product which is ISO 27001 certified. We use a secure token to ensure only the valuer can share a link with the inspection contact to share photos to that valuation request.  The only data revealed to the inspection contact is the address. No other information provided by the lender is shared with the recipient of the link.

5. Should I expect any changes or delays to the valuation process or outcomes as a result of using the ValConnect Upload Portal?

The ValConnect Upload Portal will allow residential valuation reports to continue in the current climate where a physical inspection is not feasible, however there may be an additional delay as the valuer works with the inspection contact to ensure they have the most appropriate collateral possible in order for them to undertake their valuation assessment.