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Hometrack, the property analytics business, announced today that it has secured a two year contract as the exclusive provider to Santander UK for ongoing automated valuation, risk and property analytics services.
The wide-ranging licence includes use of AVM (automated valuation model) prices at origination, point of sale, surveyor audit, fraud detection, portfolio management and risk assessment. The licence agreement builds on an eight year relationship with the bank stretching back to 2005.
David Catt, Chief Operating Officer, Hometrack said: “We are delighted that Hometrack has been chosen by Santander UK as their preferred partner. We have been working with them for some considerable years, during which time we have developed a close working relationship with the bank and its retail risk teams.”
David House, Head of Property Risk at Santander UK said, “We have been working closely with Hometrack for some eight years now and their automated valuation and risk modelling services have come to play an integral role in our mortgage processes. We value both Hometrack’s independence and accurate housing market intelligence which lie behind their products. Santander’s aim is to meet the financial needs of its clients and Hometrack helps us achieve that.”
The era of Open Banking is well and truly upon us, and with customers now in control of their financial data we consider how this will affect the industry.
New International Financial Reporting Standards (IFRS9) are due to come into force on 1st January 2018.
Hometrack has been appointed by Foundation Home Loans to provide Automated Valuation Model (AVM) services for its portfolio of Buy to Let (BTL) clients.
Hometrack has been appointed by TSB to be its provider and long-term partner for Automated Valuation Model (AVM) services.