Castle Trust chooses xit2 to manage its valuations

Castle Trust is planning to offer mortgages and investment products to investors and home buyers, upon authorisation by the Financial Services Authority. The firm is backed by private equity investors J.C. Flowers & Co.

 The xit2 valuation exchange will deliver valuations data quickly, securely and in a single format. It will reduce Castle Trust’s dependency on back up staff, as well as creating time and cost efficiencies in the management of their panel of surveyors.

Mark Blackwell, managing director of xit2, says:

“This partnership is a strong endorsement of the quality of our Valuation Exchange, and reflects our hunger to grow our share of the valuations market. In a truncated market greater importance is placed on the quality of third party suppliers, and xit2 provides the rigorous oversight that Castle Trust will need.

"We minimise risk across the whole valuations process. It will allow Castle Trust to demonstrate to regulators they are meeting their TCF obligations to closely monitor the performance of their suppliers.”

James Neave, head of lending at Castle Trust, says:

“Control and monitoring of service levels are crucial to Castle Trust, so it is vital we partner with a technology provider who gives us confidence they will meet our management needs and minimise our risk. 

"The Valuation Exchange fits the bill perfectly – it provides flexible technology catered to the requirements of valuations as well as vital risk management controls.”