Moneyhub’s open banking technology will be integrated into Hometrack’s credit risk hub, which can be linked with lender and broker systems. This will capture mortgage customers’ income and expenditure data in a bid to make the application process faster.
Hometrack is a subsidiary of Zoopla and provides automated valuations to lenders.
Dan Scholey, COO at Moneyhub, said: “Moneyhub has a great track record of enabling innovative clients to build market leading propositions. Hometrack sees the transformative potential of open finance and together we are revolutionising the mortgage application process for income verification and affordability checking.
“This makes the application process quicker and more cost effective, improving customer experience and the operational efficiency of banks, building societies and brokers. It is often said that moving home is one of the most stressful life events. Thanks to open finance, this now no longer needs to be the norm.”
Spencer Wyer, vice president product and solutions at Hometrack, added: “Our new partnership with Moneyhub has been designed to streamline and simplify the flow of time critical information between lenders, brokers and consumers.
“To date, this has been a slow-moving, repetitive process, with consumers often having to submit documents more than once. Integrating open banking technology into our credit risk hub will create a simplified and expedited mortgage journey for all parties.”