BM Solutions has defended its decision to use Hometrack for the launch of its point-of-sale offer system despite parent HBOS having a 21.7% equity stake in rival automated valuation model provider Rightmove.
The lender has launched its POS-O using Hometrack’s AVM, promising offers in 15 to 20 minutes. The service is available across new and remortgage applications and to customers who have deposits of more than 15% on new loan applications.
Matt Grayson, spokesman for BM Solutions, says: “It’s not a question of BM Solutions choosing Hometrack over Rightmove. The reason for choosing Hometrack is that it is the market leader at the moment.
“I think all players in the market are using Hometrack, although this may change as competition comes in.”
Rightmove remains confident about its AVM model despite not being chosen by BM Solutions.
James Neave, head of valuation services at Rightmove, says: “We strongly support BM Solutions’ decision to use AVMs. It is regrettable that the Rightmove AVM was not available to it at the time the decision was made. We are confident that we have developed the most accurate product and that it will rapidly develop into the market-leading proposition.”
Simon Stephens, chief technology officer of Hometrack, says: “We are delighted to have been selected by what is clearly a major market player. We have worked hard over the past five years to create what we believe is the best AVM, delivered as part of a full risk and valuation solution.
“It is rewarding to see our AVM being implemented as an integral part of the BM Solutions offering.”