Mortgage News
Effective data sharing in mortgage market on the horizon
The mortgage market is just two years away from effectively sharing digital information, according to EDM Mortgage Support Services (EDM MSS), which will help speed up the mortgage and remortgage process for customers.
The outsourcing firm said the sharing of property data will play a key role in the success of the government’s plans to make seven-day mortgage switching a reality.
Access to platform technology that links different parties will be essential to ensuring the ability to share data, but EDM MSS noted that this is already in the pipeline.
Joe Pepper, managing director, EDM MSS, said making data sharing best practice could help the industry go some way in fighting mortgage fraud.
“Sharing data is a challenge, but from a competitive point of view, if all the organisations can agree this is non-sensitive information and non-customer-specific data that they are prepared to share then I have no doubt the FCA would welcome open access to sharing property data between lenders,” he added.
“With its consultation paper in May the government stated that the industry needs to wake up to practices that are commonplace elsewhere in financial services and other industries and sharing information is a key part of that.
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“Technology has made it possible to speed up the remortgage process so consumers and their brokers have the right to expect it to happen and if it doesn’t, they should have a clear explanation as to why not.”