Ipswich Building Society chooses
Valunation’s superior service

Ipswich Building Society appointed Valunation as a panel manager when the previous provider’s contract was due for renewal. The Society wanted to move away from having a large-scale panel manager because this option no longer offered the best value – particularly after such a long period of market instability.
 
Many smaller societies share this view, as they struggle to find competitive deals from the larger panel managers. The main reason is that the societies cannot - and do not wish to - provide the high volumes that the bigger lenders are able to achieve. This can lead to societies feeling ignored and under-valued by the panel managers, with relationships weaker than they could, or should, be.

Alison Beech, Managing Director of Valunation, explains how the decision to appoint Valunation came about: "I think our size and flexibility played a key role. When we act as a panel manager, we place a high value on the basics such as servicing, making sure an experienced and constant point of contact is on hand – someone who understands what the lender is trying to achieve."

Ian Brighton, Ipswich Building Society’s General Manager (Business Services) & Secretary confirms that this approach is working. He says, "We’ve really been overwhelmed by the service and value that Valunation has brought to our business. Until you take a step like this, it’s very easy to imagine that the risks of disrupting the current arrangements outweigh the benefits. Our experience is that you may stand to risk more if you don’t change."

Valunation’s plans for migrating the Ipswich from its previous supplier helped to persuade the society that risk mitigation was high on the agenda. And the seamless transition that resulted provided further proof of the wisdom of the change.

Alison Beech takes up the story again. "It was a smooth change-over, and it even included their outsourced origination system provider. As far as Valunation’s concerned, it’s not a ‘one size fits all’ approach at all. We use a range of best-of-breed processes to inform our clients about everything from audit to fraud detection.”

Today, Valunation’s 60 surveyors and 20-plus central support staff handle over 100 cases a month for the Ipswich. Since many of these professionals already have hands-on experience of working for a lender, their insights really add value to the society’s decision-making processes.

"We’re sharing our knowledge about industry developments and trends, in areas such as construction methods and fraud risk policy,” continues Alison. "And even though we’re a national provider, we have a strong local presence too – so it’s the ideal combination for the mid-size and smaller societies.”

She concludes, "We’re delighted to be working with the Ipswich and look forward to continuing the relationship.”

Contacts for business customers

Alison Beech, Managing Director
This email address is being protected from spambots. You need JavaScript enabled to view it. 01206 732484 or 07894 692428

Paul Lancaster, Development Director
This email address is being protected from spambots. You need JavaScript enabled to view it. 07974 090113

Simon Davies, Technical Director
This email address is being protected from spambots. You need JavaScript enabled to view it. 07932 948761