Hometrack has launched three new digital products aimed at brokers, lenders and borrowers, which it says will speed up the mortgage process.
The automated valuations firm debuts a Digital Valuer, which produces property valuations with new benchmarks, compared to the firm’s flagship AVM product, which it says results in “significantly less physical valuations”.
It adds this product plugs into its current AVM system, avoiding the need for complex integration.
The business also launches a Broker AVM, which details property valuations, monthly rental and property attribute data with confidence bandings.
This tool is aimed at brokers and their customers and can also be used when completing fact finds, mortgage applications, or when quoting or applying for home insurance.
It also releases a Credit Risk Hub, which automates credit risk decisions, with an emphasis on instant income and spending verification, by combining automated verification of a borrower’s documents.
The tool automatically scans, reviews and verifies key applicant details reducing manual paperwork. The firm says it fully automates around 50% of applications and reduces manual effort by 75% on the rest. It plans to extend this tool to Open Banking systems.
These products will sit alongside the firm’s Climate Change Risk tool, launched in January, which assesses how energy data, flood and ground risks, affect valuations.
Hometrack vice president of product & technology Spencer Wyer says: “Collectively, the Hometrack product suite provides faster, safer and more cost-effective risk decisions with full agility and control for UK lenders.
“Technological progress in mortgage lending has in the past been held back by legacy IT systems, but in offering its solutions as both standalone APIs and an extension to its widely installed AVM, Hometrack is today offering a clear path for lenders to benefit from digitisation and decision automation, empowering them to improve the ‘time to yes’ for more customers.”
Hometrack vice president commercial George Robbins adds: “We’ve seen a huge demand for our trusted, integrated lending solutions from UK lenders, and I’m proud to say that in just seven months our new Climate Change Risk product has already been used widely to assess more than a quarter of UK mortgages.”
