The product suites are valuation solutions, automation solutions, risk insight and opportunity insight.
Valuation solutions function provides lenders and brokers with instant property values for both individual properties and portfolios.
Under this umbrella there will be a digital valuer product, which will provide digital property valuations. There is also a broker automated valuation model (AVM) product which returns property valuations for brokers to aid with fact finds and mortgage applications.
The automation solutions suite connects lenders, brokers and conveyancers digitally and aims to make the mortgage journey smoother.
Within this suite there will be a credit risk hub that automates credit risk decisions, with instant income and expenditure verification as well as automated verification of borrower documentation.
Its other suites include risk insight, which tells lenders possible property risks at origination and its impact on capital valuation. The suite also includes an opportunity insight that will provide data and insight to the property market and future trends.
In the risk insight suite, there is the climate change risk product, which uses flood, coastal erosion and ground risk data from companies Ambiental and Terrafirma to help lenders gauge the impact of climate change on their portfolios.
According to Hometrack’s commercial vice president George Robbins since the climate change risk product was launched seven months ago, it had been used to assess more than a quarter of the UK’s mortgages.
Lenders signed up to the product include Yorkshire Building Society and Leeds Building Society.
Spencer Wyer, Hometrack’s vice president of product and technology, 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.”
