Leeds Building Society has implemented Hometrack’s, Property Risk Hub with the aim of speeding up its underwriting process.
Property Risk Hub is a one-stop software, data and decisioning platform that integrates fully into the society’s operating system, underpinning their entire mortgage journey from decision in principle to completion.
It brings together automated modules such as Hometrack’s AVM and Digital Valuer to deliver real-time valuations as well as trusted data sources on climate risk and energy efficiency.
The Property Risk Hub can be implemented using a single integration, saving time for lenders and ensuring a single data provider can be used to make underwriting decisions.
Leeds Building Society has also implemented Digital Valuer, which it says enables the fulfilment of more difficult cases not accessible to traditional AVMs.
Hometrack forecasts that by using Digital Valuer one in three homebuyers who are currently referred for a physical valuation will be eligible for an automated mortgage decision that takes seconds instead of weeks.
Leeds estimates that the percentage of automated decisions it can complete is likely to increase to over 30% as a result.
Leeds BS chief risk officer Andy Mellor says: “Our objective when deciding to integrate with Hometrack’s hub was to make faster, more accurate underwriting decisions.
“Being faster benefits the broker/customer and the more accurate we are from a risk perspective, by having more relevant data, the better our underwriting decisions are.”
