Leeds Building Society has agreed a new long-term partnership with automated valuations and property insights firm, Hometrack.
The deal includes an uplift in Hometrack’s automated valuation model (AVM) at origination product, and the uplift will give lenders fewer costs and faster time to complete a deal, within Leeds’ policy and criteria requirements.
The society will also continue to use Hometrack’s climate change insights to identify risks on its mortgage portfolio and at originations.
This can assist Leeds’ journey to net-zero and compliance with regulatory requirements, which require financial providers to report to the regulator on climate change risks within their portfolio.
Chief operating officer at Hometrack, Rory Marsden, said: "We’re pleased to build on our long-term relationship with Leeds Building Society with this extension of our partnership. Leeds Building Society has been a real advocate of our core offering and paved the way as the first UK lender to adopt our live EPC data solution. I look forward to working closely with the team in coming months and years.”
Chief risk officer at Leeds Building Society, Andy Mellor, added: "We’re pleased to extend and build on our Hometrack relationship for use of automated valuations, which supports LBS in continuing to innovate and improve customer experience and offer turnaround times.
"Since we began using the climate change insights product, we have been able to improve our EPC data collection. Nearly 90% of the applications we receive now include these data points, supporting better, more informed and faster long-term lending decisions."
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