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London, March 2015 – Hometrack has been appointed residential property data analysts to provide Automated Valuation Model (AVM) services to Virgin Money under a three-year licence.
The Hometrack AVM uses proprietary data & algorithms to provide the UK’s market leading automated valuation tool. The Hometrack AVM was launched in 2002, and is currently used by 8 of the UK’s top ten mortgage lenders for origination. It is the only model to have been analysed and referenced by all three major ratings agencies and incorporated in over 45 RMBS issuances. Hometrack was founded in the UK in 1999 and is trusted by major mortgage lenders, housing authorities and property developers in both the UK and Australia.
Virgin Money’s Mortgage Director Peter Rogerson said: “Hometrack’s experience in the AVM space is considerable and widely acknowledged. We were impressed by their insight, understanding and experience within the housing and lending markets. Utlising Hometrack AVMs on a small proportion of mortgages allows us to provide an improved service to our customers and intermediaries, whilst maintaining our responsible and affordable lending principles. We look forward to working with Hometrack more closely in the years ahead.”
Hometrack Chief Executive Officer Charlie Bryant, said: “We are delighted to be working with Virgin Money following what was a competitive tender process. We know that our clients need a clear body of evidence on which to base their decisions and that we need to be able to demonstrate superior performance across all key selection metrics. Our services will provide Virgin Money with evidence and insight to help make informed business and strategy decisions about the residential property market.”
Latest House Price Index reveals that the recent Budget stimulated an +80% spike in buyer demand for property compared to the four year average.
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.
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.