Brand-new mortgage decision automation launched by Hometrack

Hometrack, the leading provider of insight, intelligence and decision automation to the UK mortgage market, has launched a brand new vision set to transform the mortgage sector. 

Delivering a ‘faster time to yes’ in mortgage decisioning for lenders, brokers and borrowers, the vision also sets out Hometrack’s strategy to digitise the mortgage journey with automated valuation, property risk and income verification.

The ‘game-changing’ proposition defines four new product suites, and launches four new products, building upon Hometrack’s credentials with its Automated Valuation Model (AVM).

The product suites are:

• Valuation Solutions: Informing lenders and brokers instantly at origination, or for an entire portfolio, what a property is worth with confidence using data and analytics

• Automation Solutions: Connecting lenders, brokers and Conveyancers across the entire mortgage journey and automating risk decisions and significantly reducing time from application to offer

• Risk Insight: Informing lenders instantly during mortgage origination or for their entire portfolio what property risks exist and what the impact could be on capital valuation, all the while keeping compliant with regulation

• Opportunity Insight: Providing valuable data and greater insight about the property market today and where it’s headed

Alongside the product suits, the new products include:

Digital valuer

Sitting under Valuation Solutions, digital valuer provides a ‘state-of-the-art’ digital solution that offers fast, reliable and cost-efficient property valuations, extending Hometrack’s automated valuation capabilities and property risk assessments.

It represents the next generation of automated valuation complementing and going beyond the AVM, assessing valuation and risk to a new fidelity benchmark, resulting in significantly fewer physical valuations, saving cost and time.

Broker AVM

Also under Valuation Solutions, broker AVM ensures a ‘right first-time’ product selection specific to brokers and their customers seamlessly within the Broker Platform. Providing a property valuation, monthly rental and property attribute data with confidence bandings, the broker AVM uses Hometrack’s AVM model to return valuations tailored for brokers without the precise confidence levels that lenders require.

The broker AVM is particularly useful when completing fact finds and mortgage applications, or quoting or applying for home insurance.

Credit Risk Hub

Under Automation Solutions, the credit risk hub automates credit risk decisions, with specific emphasis on instant income and expenditure verification, by combining automated verification of borrower documentation and soon to extend to Open Banking.

The solution automatically scans, reviews and verifies key applicant details around income and expenditure, reducing the manual effort to process paperwork that has blighted the industry for decades, fully automating 50% plus of applications and reducing effort by 75% on the rest.

Climate change risk

Sitting within Risk Insight, this product is fuelled by data and insights from Ambiental and Terrafirma on flood, coastal erosion and ground risk, and arms lenders with increased understanding of the impact of climate change on their portfolios and during origination, allowing them to be focused on actively managing their climate change risk aligned to their risk appetite.

It also enables them to take greater control of the threat of climate change - an accelerating regulatory issue across lender portfolios

Hometrack believes by providing its solutions as both standalone APIs and an extension to its widely installed AVM, it is offering a clear path for lenders to benefit from digitisation and decision automation, empowering them to improve the ‘time to yes’ for more customers.  

Spencer Wyer, vice president of product and technology at Hometrack, says the launch marks a new milestone for the ‘millions of mortgage journeys undertaken by lenders, brokers and borrowers each year’.

“Unlocking opportunities for the mortgage industry, it improves Hometrack’s offering to lenders and brokers, enabling them to embrace digital mortgage lending more quickly and easily,” he adds.