You are here: Home - News -

Hometrack to provide AVM services to TSB

by:
  • 03/05/2017
  • 0
Hometrack to provide AVM services to TSB
TSB has appointed Hometrack as provider for automated valuation model services for the challenger bank.

The partnership will see Hometrack supply TSB’s mortgage team with a combination of valuation and risk services, including the use of AVM for loan decisions, for the next three years.

The challenger bank lent £6.6 billion of mortgages in 2016, an increase of more than a third on the previous year.

David Catt, chief operating officer at Hometrack, said that with AVMs now having been around for more than a decade, lenders have become much more comfortable with the technology and its capabilities. He noted that when the firm first came to the market, lenders were prudent in when they opted to use AVMs rather than physical valuations, but that has changed.

“Consumers expect high levels of service and an instant response – it is inconceivable to a young person that they have to wait five days for a valuation,” he continued, adding that AVMs not only allow lenders to deliver improved speed but also reduced costs.

Back in February it was announced that Zoopla had agreed to buy Hometrack for £120 million, though it will continue to operate as a standalone firm and brand.  

Iain Laing, chief risk officer at TSB, said: “The data and insight that Hometrack provides to our mortgage business informs our understanding of collateral value and risk, increases our efficiency and helps us deliver higher quality service to our customers.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Exclusive: MAB recruits Intrinsic’s Emma Hollingworth and Andy Walton

Listed broker firm Mortgage Advice Bureau (MAB) has created two new proposition director roles to secure two of Intrinsic’s top...

Close