Leeds Building Society and Hometrack agree new long-term deal

The new long-term deal includes an uplift in Hometrack’s automated valuation model (AVM) at origination product, which gives lenders lower costs and faster time to yes, within LBS policy and criteria requirements. Hometrack’s AVM is the market leader and is used by 17 of the top 20 mortgage lenders.

Leeds Building Society will also continue to use Hometrack’s Climate Change insights to identify risks on its mortgage portfolio and at origination. This assists Leeds Building Society’s journey to net zero and compliance with regulatory requirements, which require financial providers to report to the regulator on climate change risks within their portfolio.

Hometrack are also engaged with Leeds Building Society to further expand use of their products to support ambitious lending growth plans in the years ahead – bringing home ownership to within reach of more people.

Commenting on the partnership, Rory Marsden, Chief Operating Officer at Hometrack said: “We’re pleased to build on our long-term relationship with Leeds Building Society with this extension of our partnership. Leeds Building Society has been a real advocate of our core offering and paved the way as the first UK lender to adopt our live EPC data solution. I look forward to working closely with the team in coming months and years.”

Andy Mellor, Chief Risk Officer of Leeds Building Society comments: “We’re pleased to extend and build on our Hometrack relationship for use of automated valuations, which supports LBS in continuing to innovate and improve customer experience and offer turnaround times. Since we began using the climate change insights product, we have been able to improve our EPC data collection. Nearly 90% of the applications we receive now include these data points, supporting better, more informed and faster long-term lending decisions.”