The UK mortgage market will be sharing digital property data efficiently within two years, according to EDM Mortgage Support Services.
The firm says that 93 per cent of people it surveyed agreed that organisations should work together better to share property data for the good of the industry.
Meanwhile 70 per cent agreed that processing costs could be cut by using high-quality data and data sharing.
Platform technology to link different parties is already being designed, according to EDM.
EDM says sharing property data will play a key part in fulfilling seven-day mortgage switching.
This was a Government proposal announced in May in a consultation paper.
EDM managing director Joe Pepper says: “Sharing of information is still an aspirational goal but many people in the industry are keen to implement it. Advanced technology will be the catalyst for this to happen as the data is already there.
“Sharing data is a challenge, but from a competitive point of view, if all the organisations can agree this is non-sensitive information and non-customer-specific data that they are prepared to share then I have no doubt the FCA would welcome open access to sharing property data between lenders. If data were shared it would become best practice and help fight fraud.”
Pepper adds: “Technology has made it possible to speed up the re-mortgage process so consumers and their brokers have the right to expect it to happen and if it doesn’t, they should have a clear explanation as to why not.”