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Smart mortgage tech means faster decisions for borrowers

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Written by:
05/10/2021
Technology is changing the shape of the UK mortgage market, and it means quicker mortgage offers for you
Smart mortgage tech means faster decisions for borrowers

Hometrack has launched four next-generation technology products that it claims will benefit borrowers, lenders and mortgage advisers.

The intelligence provider wants to redefine and digitise the mortgage journey to save costs and speed up the mortgage process.

It said its new products strive towards a ‘faster time to yes’ for borrowers.

What’s new?

Hometrack has launched four new technology products, including:

Digital Valuer offers fast, reliable and cost-efficient property valuations, extending Hometrack’s automated valuation capabilities and property risk assessments.

Broker AVM provides fast information to help brokers and borrowers to choose the right mortgages and insurance. It provides a property valuation, monthly rental and property attribute data with confidence bandings.

Credit Risk Hub helps lenders and brokers to rapidly assess the borrower’s affordability. It 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.

Climate Change Risk gives lenders a better understanding of the impact of climate change on their portfolios. It helps them to actively manage their climate change risk and take greater control of the threat of climate change.

Spencer Wyer, VP of Product & Technology at Hometrack, said: “Today’s 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.

“The powerful combination of Digital Valuer, Broker AVM, Credit Risk Hub and Climate Change Risk offers instant automated decisions and access to a wealth of data and analysis to significantly reduce the time from application to offer.”

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