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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.”
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.