The integration of Moneyhub’s open banking technology into Hometrack’s Credit Risk Hub, on top of its automated income verification capabilities, will help streamline mortgage journeys for lenders, brokers and consumers.
Moneyhub, is an open finance data, intelligence, and payments platform which is designed for customer-centric organisations.
Its appointment by Hometrack has been described as an industry milestone, because the partnership represented the first time ‘best-in-class’ document capture capabilities were being brought together with open banking into one lender and broker-focused solution for the purpose of income and expenditure verification for mortgages.
Brokers will be able to apply for mortgages on behalf of customers faster and more easily, said Hometrack.
But for lenders, it means they 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.
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.”
Spencer Wyer, vice president product and solutions at 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.”
