View more on these topics

Hometrack plans for Basle II

Hometrack says updated technology and new management are key to its plans for helping lenders meet the credit risk management requirements of Basle II.

The credit directive dictates that lenders must monitor and conduct regular reviews of property valuations, particularly if market conditions are changing rapidly.

This will include data central to risk profiling on property valuations including factors such as supply, unemployment and interest rates.

To meet this demand, Hometrack has combined its automated valuation model and its interactive housing evaluation system RealDemand, to create RealRisk. This will allow lenders to look at risk drivers concerning properties either online or by integrating RealRisk into their own systems.

To oversee the move, Gary Styles is to join the project as strategy and risk director in September. Styles was head of planning and group chief economist at HBOS for 15 years and was responsible for the Halifax House Price Index and the Halifax Economic Outlook.

He has been advising banks and societies on the Basle II changes for several years. He was a founder director of Baseline Capital, established to pool data for smaller lenders for Basle II purposes, as well as chairman of Acadametrics, the London-based economics consultancy.

Last week Hometrack was accused of dirty tricks after two directors from rival UKValuation switched alliance.

But Giles Mackay, chairman of Hometrack, says: “We are winning market share through accuracy not dirty tricks. My job is to make sure we have the best model in the market.”

Mackay adds that the company will be making several high profile board appointments in the second half of this year.


Council Tax collection rates show further improvement

Council Tax and non-domestic rates collection have improved for the sixthsuccessive year, figures out from the Department for Communitiesand Local Government show.Local authorities in England collected 18bn in council taxes in 2005/06 – an extra 32m compared to the previous year.The figures represent 96.8% of the 18.6bn collectable. This is an increase of 0.2 of […]

JEREZ 2006: Event off to a flying start

The Jerez Mortgage Summit 2006 got off to a heated this week start with an opening debate between lenders and introducers on the future of the intermediary mortgage market.Chaired by Kevin Duffy, managing director at Hamptons, the panel consisted of BM Solutions Tim Hague, Bank of Scotlands Charles Haresnape, sales director of Park Row Kevin […]

May lending second highest on record, says CML

Gross mortgage lending reached 28.7bn in May, figures out from the Council of Mortgage Lenders have revealed. Lending was 18% higher than in April and nearly 30% higher than in May last year. It was the strongest May figure on record and only 0.5% below the record for a single month seen in July 2004 […]

Second charge deal launched

Blemain Finance has launched a product for second charge cases where consent has been declined by prime and sub-prime first charge lenders.


News and expert analysis straight to your inbox

Sign up