Leeds Building Society (LBS), the UK’s fifth-largest building society, has renewed its partnership with Hometrack, the leading provider of automated valuations and property insights, under a new long-term contract.
This deal will see an enhancement in Hometrack’s automated valuation model (AVM) at origination, which promises lower costs and quicker decision-making processes for lenders, aligning with LBS’s policy and criteria requirements.
Hometrack’s AVM, a tool favored by 17 of the top 20 mortgage lenders, will continue to aid Leeds Building Society in its journey towards net zero and regulatory compliance, particularly in reporting climate change risks within its portfolio.
The building society will also persist in utilizing Hometrack’s Climate Change insights to evaluate environmental risks both for ongoing mortgages and new originations.
Rory Marsden, chief commercial officer at Hometrack, expressed enthusiasm about the continued collaboration: “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.”
Andy Mellor, chief risk officer of Leeds Building Society, also commented on the benefits of the partnership: “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.”
