Hometrack selects Moneyhub as its preferred Open Banking partner
By Megha Bhattacharya
Hometrack, a provider of insight and intelligence to the UK mortgage market, has appointed Moneyhub, the Open Finance data, intelligence, and payments platform for customer-centric organisations, as its preferred Open Banking partner. The integration of Moneyhub’s Open Banking technology into Hometrack’s Credit Risk Hub will facilitate streamlined mortgage journeys for lenders, brokers and consumers alike.
Dan Scholey, COO at Moneyhub, said, “Moneyhub has a great track record of enabling innovative clients to build market leading propositions. Hometrack sees the transformative potential of Open Finance and together we are revolutionising the mortgage application process for income verification and affordability checking. This makes the application process quicker and more cost effective, improving the customer experience and the operational efficiency of banks, building societies and brokers. It is often said that moving home is one of the most stressful life events. Thanks to Open Finance, this now no longer needs to be the norm.”
According to the companies, brokers will be able to apply for mortgages on behalf of customers faster and more easily; lenders won’t have to request information as it will have been collected already. Lender and broker-specific business rules will also ensure that both parties benefit from a tailored view of income and expenditure information for each mortgage application.
Commenting on the partnership, Spencer Wyer, Vice President Product & Solutions, Hometrack, said: “Our new partnership with Moneyhub has been designed to streamline and simplify the flow of time critical information between lenders, brokers and consumers. To date, this has been a slow-moving, repetitive process, with consumers often having to submit documents more than once; integrating open banking technology into our Credit Risk Hub will create a simplified and expedited mortgage journey for all parties.”
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November 08, 2024