TSB has appointed Hometrack to be its provider and long-term partner for Automated Valuation Model (AVM) services.
The property analytics business will supply the mortgage team at TSB with a combination of valuation and risk services, including the use of the AVM for loan decisions for the next three years.
Hometrack launched its AVM in 2002 and uses proprietary data and algorithms to provide the automated valuation tool.
David Catt, Hometrack’s chief operating officer, said: “To be selected by TSB is an exciting opportunity and testament to the experience and expertise of our team.
“By integrating our services with TSB’s platform and by working closely with the mortgage division we look forward to enhancing the customer proposition while mitigating risk and delivering cost efficiencies.”
“The data and insight that Hometrack provides to our mortgage business informs our understanding of collateral value and risk, increases our efficiency and helps us deliver higher quality service to our customers,” said Iain Laing, chief risk officer, TSB.
“We are delighted to partner with Hometrack as we take our first steps to implementing AVMs within our mortgage offering. Their expertise in the field of AVMs and property risk analytics is unrivalled in the market and will be invaluable as TSB continues to make banking better for all UK consumers.”