Zoopla-owned property market intelligence provider Hometrack has launched a new suite of mortgage application and valuation technology products.
It says the new digital services will help mortgage brokers to make lending decisions on advancing home loans faster. It is part of Hometrack’s aim to digitise the home loans application process by using automated valuation, property risk assessment and income verification tools.
Its new Digital Valuer will reduce the number of physical valuations required for lenders to decide on whether to advance a home loan. Until now Hometrack has been mainly known for its Automated Valuation Model, used by 17 of the top 20 U.K. mortgage lenders to value properties without the need for a physical visit.
With the new product, brokers and lenders will be offered a larger number of properties to improve the mortgage application process, including quicker property valuations, better links to brokers, conveyancers and lenders, a higher quality assessment of risks within a property that could impact its value and data on a property’s future potential value and environmental risks, all essential elements that need to be checked as part of the homebuying process.
Brokers and lenders will now be able to check a mortgage applicant’s financial viability by using Hometrack’s new Credit Risk Hub which uses open banking data to show instant income and expenditure verification. This reduces the number of manual processes that brokers have to complete. Hometrack claims this will automate half of all credit risk decisions and speed up 75% of the remaining work by making it easier.
“Today’s launch marks a new milestone for the millions of mortgage journeys undertaken by lenders, brokers and borrowers each year,” said Spencer Wyer, VP of product & technology at Hometrack.
“Unlocking opportunities for the mortgage industry, it improves Hometrack’s offering to lenders and brokers, enabling them to embrace digital mortgage lending more quickly and easily.
“The powerful combination of Digital Valuer, Broker AVM, Credit Risk Hub and Climate Change Risk offers instant automated decisions and access to a wealth of data and analysis to significantly reduce the time from application to offer.”