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Hometrack acquires EDM’s mortgage automation arm

By Tom Parker on 21 December 2020

Acquisition will help Hometrack reach its vision faster and in a more comprehensive way. Hometrack will also welcome a team of experts from EDM to Hometrack who will play an important role as Hometrack's business continues to grow in the months and years to come.

  • Acquisition will strengthen Hometrack’s position in the UK mortgage market, accelerating its ambitious growth plans
  • As part of the acquisition, EDM’s Mortgage Decision Automation team will join Hometrack including former EDM Group CTO Spencer Wyer, further strengthening Hometrack’s leadership team

Hometrack, the leading provider of automated valuation models (AVMs) and portfolio insight to the UK and Dutch property markets, has acquired the mortgage automation arm of the EDM Group.

As part of the acquisition, Hometrack will welcome EDM’s Mortgage Decision Automation team, the part of EDM’s business that specialises in enabling financial institutions to streamline judgements and processes related to mortgage applications. Alongside this group of experts, the former EDM Chief Technology Officer, Spencer Wyer, will join Hometrack’s leadership team under the stewardship of Managing Director, David Ross.

Commenting on the acquisition David Ross, Managing Director of Hometrack, said: “We are always looking for ways to expand the breadth of service we offer our customers. EDM shares our goal of making the mortgage lending process faster, cheaper and less risky, ultimately benefiting lenders and borrowers alike. As such, the opportunity to combine EDM’s mortgage automation arm with Hometrack was one we didn’t want to miss.”

“This merging of specialities creates a market position like no other in the industry. Hometrack will become the only provider who can partner with mortgage lenders to manage and optimise every step of the property risk process.”

“We believe this acquisition will help us reach our vision faster and in a more comprehensive way than we could do alone. We are also delighted to welcome Spencer along with a team of experts from EDM to Hometrack. We are confident that they will play an important role as we look to grow our business in the months and years to come.”

John Willox, EDM’s Group CEO, said: “We are very pleased that EDM’s mortgage automation solutions have been recognised as market leading by Hometrack. The acquisition of these services by Hometrack and combining them with their existing solutions makes for a formidable proposition. We would like to wish Hometrack and the experts joining them from EDM great success on the journey ahead. EDM Group will continue to focus its growth plans on document management, digital transformation and emerging market sectors.”

Founded in the UK in 1999, Hometrack is trusted by major mortgage lenders, housebuilders and government bodies. The company launched its market-leading AVM in 2002 and now provides over 85 million automated valuations each year. 

Hometrack has expanded into European markets via partnerships with market leaders such as the European AVM Alliance (EAA) and Calcasa. The company is part of Zoopla, the UK’s most comprehensive property destination which provides services to buyers, sellers, renters, agents and developers. Zoopla uses Hometrack’s data to power its market-leading valuations, a trusted tool used by homemovers across the UK.

EDM Group is a multi-award winning B2B outsourcer that provides information management solutions for a wide range of clients across both private and public sectors.  It provides clients with the expertise, support and reassurance they need to digitally transform their business.  EDM Group’s client base includes leading organisations in financial services, insurance, healthcare, public sector and utilities.  Its success has been built on its powerful digital mailroom, document scanning, electronic and physical records management, which continue to be the core offerings. 

 

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