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Virgin Money has renewed its licence with property analytics business Hometrack, securing delivery of Automated Valuation Model (AVM) services for the next three years.
The challenger bank first partnered with Hometrack in 2015 and has been using its automated and risk services to help enhance the service offered to customers and intermediaries.
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. Hometrack launched its AVM in 2002 and uses proprietary data and algorithms to provide the UK’s market leading automated valuation tool
Virgin Money’s Director of Mortgages, Andrew Asaam said: “Hometrack’s AVM underpins our loan decision process for selected remortgage applications, helping to ensure we provide an efficient and high-quality service to our customers and intermediary partners.
“We look forward to continuing our relationship with Hometrack over the next three years.”
Piero Bassu, Director of Financial Services and Capital Markets at Hometrack, said: “We are delighted to continue working with Virgin Money and look forward to building on our partnership. By integrating our AVM into their existing processes Virgin Money has been able to drive efficiency through its credit valuation strategy which complements their overall award-winning proposition.”
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.
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%