Leeds Building Society extends partnership with Hometrack for enhanced assessment and climate risk services – The Intermediary

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 information, under a new long-term contract.

This transaction will see an enhancement to Hometrack’s Automated Valuation Model (AVM) at origination, which promises lower costs and faster decision-making processes for lenders, aligning with LBS policy and criteria requirements.

Hometrack’s AVM, a tool favored by 17 of the top 20 mortgage lenders, will continue to help Leeds Building Society on its journey to net zero and regulatory compliance, particularly in reporting climate change risks across its portfolio.

The building society will also persist in using Hometrack’s climate change information to assess environmental risks for both existing mortgages and new originations.

Rory Marsden, Commercial Director at Hometrack, expressed his excitement about the continued collaboration: “We are delighted to build on our long-term relationship with Leeds Building Society with this extension of our partnership.

“Leeds Building Society has been a real supporter of our core offering and led the way as the first UK lender to adopt our live EPC data solution. I look forward to working closely with the team in the coming months and years.”

Andy Mellor, director of risk at Leeds Building Society, also commented on the benefits of the partnership: “We are delighted to extend and develop our relationship with Hometrack for the use of automated assessments, which supports LBS in continuing to innovate and improve the customer experience. and provide response times.

“Since we started using the climate change statistics product, we have been able to improve our EPC data collection. Almost 90% of the applications we receive now include these data points, supporting better, more informed and faster long-term lending decisions.”