Mortgage Advice Bureau (MAB) has become the first major mortgage intermediary to join the Open Property Data Association (OPDA).
With more than 2,000 advisers, the intermediary network will support the trade association’s mission to speed up homebuying by sharing digital property information across the home transaction.
MAB is the latest of several organisations to join OPDA recently. Movemnt joined last month and major mortgage lenders, NatWest Group, HSBC, and Nationwide joined this summer. Lloyds Banking Group became a member of OPDA in March. Other members include Atom bank, PEXA, and Coadjute.
Since it launched last year, OPDA has delivered open property data standards and models for trustable and shareable data. The free and open-source tools have been created and tested in collaboration with every sector across the property industry.
Those using OPDA’s data standards for digital property packs have seen the time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days, the organisation claims.
OPDA recently unveiled a new research project to discover what buyers think should be done to improve homebuying. Its survey was open to all homebuying customers to complete. Results will be presented later in the year along with OPDA’s recommendations.
Donna Brenchley, chief transformation officer at Mortgage Advice Bureau, said: “Our mortgage advisers are at the coalface of the homebuying process, witnessing first-hand the difficulties and delays that customers face every day.
“We’re passionate about improving the homebuying experience for customers and streamlining the process for our advisers, and joining OPDA is integral to helping us achieve this goal.”
Maria Harris, chair of OPDA, added: “MAB’s direct knowledge of the day-to-day homebuying experience through its advisers is hugely beneficial. Their excellent network will be a great channel for getting improvements to the process out there.
“Along with work from our other members, MAB will help us to transform the homebuying process from what is currently a poor customer experience.”