Spurred by the need the reduce fraud and increase valuation accuracy, an indigenous company has launched a new web based automated valuation management technology for the real esta0te sector.

Vexonline as it is called, is a platform that has been integrated online with the Geographic Information System Database to provide latest geographical information of the location of the properties as well manage practically all aspects of the valuation process from beginning of a request to completion and registry of the property on a central database.

The system according to Managing Director of Vexonline Solutions Services Limited Mr. Adedayo Adebajo provides online exchange for distribution and management of valuation instructions, reports between lending institutions i.e. commercial and mortgage banks and estate surveyors and valuers.

In terms of audit checks, Vexonline enables each transaction to be crosschecked over a range of parameters to ensure consistency and eliminate Valuation Fraud at source.

“Any valuation failing in any of the parameters is dropped to manual underwriting status for cross-checking by the lending institution. We work with our lending institutions to understand their risk management and controls to ensure regulatory compliance and best practice.

“We build risk controls in the reporting system to ensure adequate decision making at every level of loan authority or sign off limit. The platform also allows for self billing by the surveying companies on a the touch of a button thereby eliminating the time spent on invoicing

The system also comprises a global positioning satellite (GPS), which has the ability to locate the properties using the GPS to determine properties accurate location for every property under assessment.

“This is unique and places each property in relation to their coordinates and position on the globe with the Geographic Information System interface all relevant live information regarding property risks are feed into the database.

“Vexonline adds value to every organisation by providing technology and business consulting, training as well as quality improvement programmes. We offer a wide range of products which help in securing data across the network and we ensure your data is protected using standard security features and only administered users have access to the organisation’s data

2012-11-05