Hometrack launches ‘game changer’ mortgage application tech

Part of the Zoopla empire, Hometrack says mortgage brokers will be able to make decisions on home loans much faster.

mortgage brokers hometrack avm

Zoopla’s property data arm Hometrack has launched a new ‘game changing’ suite of digital services for mortgage brokers that will significantly speed up lending decisions.

The company says its new service will transform the mortgage sector and is part of its efforts to digitise the home loans journey with automated valuation, property risk assessment and income verification.

Its new Digital Valuer will also reduce the number of physical valuations needed to reach lending decisions.

Overall, this offering significantly widens its offering to brokers, lenders and borrowers alike – until now Hometrack has been best known for its Automated Valuation Model, which is used by many lenders to value properties without the need for physical visits.

Now brokers and lenders will be offered a large number of opportunities to improve the mortgage application process including quicker property valuations; better connections between conveyancers, brokers and lenders; better assessment of risks within a property that might affect its value and also data on a property’s future potential value and environmental risks.

Credit risk

Brokers will also be able to gauge a mortgage applicant’s financial viability using Hometrack’s new Credit Risk Hub, which uses Open Banking data to create instant income and expenditure verification, reducing the often manual process brokers must go through.

It is claimed this will fully automate half of all credit risk decisions and make three quarters of the remaining work easier and quicker.

“Today’s launch marks a new milestone for the millions of mortgage journeys undertaken by lenders, brokers and borrowers each year,” says 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.”

Read more: Meet the father of AVMS.

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