Hometrack has partnered with Moneyhub to deliver streamlined income and expenditure verification for lenders, brokers and consumers.
The integration of Moneyhub’s open banking technology into Hometrack’s Credit Risk Hub, on top of its automated income verification capabilities, will facilitate streamlined mortgage journeys for lenders, brokers and consumers.
Dan Scholey, chief operating office at Moneyhub, said: “Moneyhub has a great track record of enabling innovative clients to build market leading propositions.
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“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 of product and solutions at Hometrack, added: “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.”