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Valuation models take time to be accepted

Having read Jeff Knight’s letter (Money Marketing, November 16, I am writing in response to the recent press coverage in Money Marketing regarding Mortgages plc’s supposed views of GMAC’s point-ofsale offer system.

I would like to start by making it very clear that I acknowledge GMAC’s pioneering activities in launching point-of-sale offers in the market.

This is undeniably a key development in the mortgage market and Mortgages plc is planning to launch its own Poso system during 2007.

In the MM Live presentation in question and in various articles Mortgages plc has recently published, we have referred to automated valuation models and not Posos.

AVMs are a new development and it is going to take time for the market to adopt them as standard practice.

My specific point was that, in the non-conforming mortgage market, it will take time for investors to become comfortable with this new way of valuing properties. AVMs will undoubtedly rise in popularity but, as with most new concepts, their usage will build over time.

It is a shame that my comments were taken out of context and misinterpreted but I hope this has set the record straight.

Paul Fryers

Head of corporate development,

Mortgages plc

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