HSBC has agreed a three year licence with Hometrack.
The property analytics business is to supply HSBC with a range of Automated Valuation Model (AVM) risk services which will be implemented across the bank. These will include AVM usage at origination, point of sale, surveyor audit, fraud detection, portfolio management and risk assessment.
The contract was won through an open tender process and builds on a relationship with the bank which dates back to 2004.
“We are delighted that HSBC has chosen Hometrack as their preferred partner,” said David Catt, chief operating officer at Hometrack.
“We have been working with HSBC for some nine years now and have developed a close relationship with the bank and its retail risk and mortgage teams.
“As an independent business, Hometrack has established a track-record of providing its clients with impartial, accurate housing market intelligence. Our property analytics provide them with the confidence they need to take advantage of investment opportunities as they arise while providing reassurance to investors and regulators in what are demanding markets. We look forward to providing our expanded set of valuation and risk services to HSBC.”
Peter Dockar, head of mortgages at HSBC, added: “We are delighted to be strengthening our relationship with Hometrack – whose track-record with us extends back over nine years. Hometrack’s experience in the AVM space is considerable and widely acknowledged, as is their impressive understanding and expertise of the housing and lending markets. We look forward to working with them more closely in the years ahead.”