PriceHubble is pleased to announce that its desktop valuation solution has successfully passed an external audit of compliance with the EBA Guidelines for loan origination and monitoring (GLOM) conducted by a Big 4 firm.
The European Banking Authority's (EBA) guidelines for loan origination and monitoring came into force for most banks in Europe on June 30. They advocate the implementation of a more sophisticated, data-driven approach to real estate valuation and a better integration of ESG criteria. Faced with this deadline, banks need to implement various initiatives to ensure regulatory compliance.
In this context, PriceHubble is committed to offering robust solutions that comply with the most stringent regulatory standards. The successful audit of its advanced statistical model and desktop valuation solution, following a thorough review of its methodology, documentation, development and control processes, confirms their regulatory compatibility for use by an internal or external valuer for loan origination and monitoring.
The audit was conducted by a Big 4 firm according to the ISAE 3000 standard, which sets globally recognised standards for ensuring ethics, objectivity, independence, and technical competence within organisations.
"To our knowledge, this is a first in Europe. With this ISAE 3000 audit, our ongoing commitment to developing the most accurate, transparent and reliable property valuation technology on the market takes on a new dimension," says Alexis Radjabi, Chief Sales Officer at PriceHubble. "We are very proud to be able to offer our banking partners assistance and technological support in setting up loan origination and monitoring processes that meet regulatory requirements. This includes insights on energy renovations and climate risks."
PriceHubble's success in this audit completes its offering to European banks — a comprehensive ecosystem of solutions around real estate and renovations enabling them to provide exceptional customer experiences and advisory. In the coming months, as new regulations such as Basel IV will come into force, PriceHubble will continue its development efforts to help its partners achieve regulatory compliance.
