Mortgage Brain partnered with Hometrack to give mortgage brokers confidence that when using Sourcing Brain to find products, the valuation of a customer’s property was right first time. Having this certainty of the property value earlier in the mortgage journey gives a better success rate when getting to the application stage.
Hometrack are the leading provider of automated valuation models (AVMs) in the UK. They provide instant and accurate property valuations which have been used by lenders since 2002. In fact, over 80% of the top lenders in the UK now use Hometrack to perform 50 million valuations each year .
The company was founded in 1999 in the UK and made its name through its Automated Valuation Model (AVM). They also provide data solutions for property investors, landlords, housebuilders and housing associations. Hometrack are a founding member of the European AVM Alliance.
Ask a customer how much their house is worth, and the chances are, their valuation is inaccurate. That can lead to an application being rejected, with the lender disputing the value of the property. The application needs to be resubmitted and the mortgage journey is delayed. In fact, one in five mortgage applications fail at the lender valuation stage .
Mortgage Brain spotted the opportunity to partner with Hometrack and include its property valuation functionality within Sourcing Brain as a free integration. This means when sourcing a mortgage for a customer, a broker can get a valuation on the property in an instant and be confident it’s correct with no second guessing.
The result is faster and more efficient mortgage applications and a better experience for customers. The process is more streamlined with quicker and more positive decisions, and for the mortgage broker, there is more pre-valuation confidence irrespective of the lender.
Neil Wyatt, Sales and Marketing Director, Mortgage Brain
George Robbins, VP Commercial, Hometrack