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Paragon has worked with Hometrack since 2014 and the expanded agreement means Hometrack will provide Paragon with its Automated Valuation Model and Rental Value Model services for portfolio valuation.
Hometrack, the leading provider of AVMs and portfolio insight to the UK property market, has successfully expanded its relationship with Paragon Bank, one of the UK’s leading specialist financial services companies, providing buy-to-let, residential and second charge mortgages. Hometrack has been a trusted partner of Paragon since 2014 and the expanded agreement means Hometrack will provide Paragon with its Automated Valuation Model (AVM) and Rental Value Model services for portfolio valuation.
Expanding the use of AVMs to portfolio valuation will provide Paragon with a step change in risk management and enable them to explore the benefits in portfolio risk management, customer management, provisioning, capital and stress testing.
Commenting on the appointment David Ross, Managing Director of Hometrack, said:
“As the market increases its focus on risk, the need for accurate portfolio valuation has never been more important. Increased exposure to property and customer risk, combined with changing house price trends, increases the need for a robust, accurate and property-level valuation and assessment. We are delighted the team at Paragon has again chosen Hometrack to be a trusted partner and we look forward to working with Paragon as it continues to grow and help more homeowners achieve their goals.”
Niall Jamieson, Credit Risk Director, Paragon, said:
“Hometrack is a natural partner for Paragon and this expanded relationship will give us even greater insight into the factors that may influence portfolio performance, particularly given the fluidity of today’s housing market. ”
Hometrack is the leading providing of automated valuations and property insight and is trusted by many major mortgage lenders. Hometrack is part of Zoopla and benefits from a wealth of property insight and data.
Paragon is a specialist banking group, offering a range of savings and specialist lending products to individuals and SMEs in the UK. It specialises in lending to Portfolio buy-to-let landlords and small-to-medium sized house builders, as well as SMEs across a range of sectors.
Latest House Price Index reveals that the recent Budget stimulated an +80% spike in buyer demand for property compared to the four year average.
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.
Hometrack, the leading provider of insight and intelligence to the mortgage market, has announced an industry-first partnership with Ambiental and Terrafirma, two leading UK climatology specialists, to deliver a leading climate change risk solution for mortgage lenders.
Proportion of valuations completed by Hometrack’s automated valuation model (AVM) rises by 15% while applications using Hometrack’s managed Desktop valuation solution increases by 500%