Open finance data and intelligence platform Moneyhub has been selected by Hometrack, which provides insight and intelligence to the UK mortgage market, as its preferred Open Banking partner,
The partnership will integrate Moneyhub’s Open Banking technology into Hometrack’s credit risk hub, in a bid to streamline income and expenditure verification for lenders, brokers and consumers.
Moneyhub said it means that brokers will be able to apply for mortgages on behalf of customers more quickly and easily, while lenders will not have to request information that has already been collected.
Moneyhub COO Dan Scholey said: “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.”
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.”
Wyer added that this has historically been a “slow-moving, repetitive” process, which often results in consumers having to submit documents more than once, but that “integrating Open Banking technology into our credit risk hub will create a simplified and expedited mortgage journey for all parties”.