Virgin Money appoints residential property data analysts for mortgage valuation services

Peter Rogerson
Peter Rogerson

Edinburgh-based Virgin Money has appointed Hometrack as its new residential property data analysts to provide Automated Valuation Model (AVM) services to the challenger bank under a three-year licence.

The Hometrack AVM uses proprietary data & algorithms to provide the automated valuation tool which was launched in 2002, and is currently used by 8 of the UK’s top ten mortgage lenders for origination.

It is the only model to have been analysed and referenced by all three major ratings agencies and incorporated in over 45 RMBS issuances.

Hometrack was founded in the UK in 1999 and is trusted by major mortgage lenders, housing authorities and property developers in both the UK and Australia.

Virgin Money’s mortgage director Peter Rogerson said: “Hometrack’s experience in the AVM space is considerable and widely acknowledged. We were impressed by their insight, understanding and experience within the housing and lending markets. Utlising Hometrack AVMs on a small proportion of mortgages allows us to provide an improved service to our customers and intermediaries, whilst maintaining our responsible and affordable lending principles. We look forward to working with Hometrack more closely in the years ahead.”

Hometrack Chief Executive Officer Charlie Bryant, said: “We are delighted to be working with Virgin Money following what was a competitive tender process. We know that our clients need a clear body of evidence on which to base their decisions and that we need to be able to demonstrate superior performance across all key selection metrics. Our services will provide Virgin Money with evidence and insight to help make informed business and strategy decisions about the residential property market.”

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