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HSBC has signed a three year licence with property analytics business Hometrack. Hometrack is to supply HSBC with an extensive range of Automated Valuation Model (AVM) risk services which will be implemented across the bank.
These will include AVM usage at origination, point of sale, surveyor audit, fraud detection, portfolio management and risk assessment. The contract was won through an open tender process and builds on a relationship with the bank which dates back to 2004.
David Catt, Chief Operating Officer, Hometrack said, “We are delighted that HSBC has chosen Hometrack as their preferred partner. We have been working with HSBC for some nine years now and have developed a close relationship with the bank and its retail risk and mortgage teams.
“As an independent business, Hometrack has established a track-record of providing its clients with impartial, accurate housing market intelligence. Our property analytics provide them with the confidence they need to take advantage of investment opportunities as they arise while providing reassurance to investors and regulators in what are demanding markets. We look forward to providing our expanded set of valuation and risk services to HSBC.”
Peter Dockar, Head of Mortgages, HSBC added, “We are delighted to be strengthening our relationship with Hometrack – whose track-record with us extends back over nine years. Hometrack’s experience in the AVM space is considerable and widely acknowledged, as is their impressive understanding and expertise of the housing and lending markets. We look forward to working with them more closely in the years ahead.”
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.