View more on these topics

Market will share property data well within two years


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.”


Bob Young Fleet 2014

Fleet Mortgages: Don’t fight technology – employ it

The best use of technology is for communication with clients, at which point the human steps in with professional advice Robo-advice is gradually becoming a talking point in the mortgage world. The recent FCA feedback statement on competition in the market included a specific technology theme that the regulator plans to pursue in future work, […]


How technology can transform lending

It is often said that necessity is the mother of invention, and for the current mortgage market that certainly seems a suitable maxim. With competition in the housing market continuing to rise, there is an ever growing need for lenders to offer innovative solutions that will provide faster and more efficient mortgage applications for today’s […]


Indian tech firm buys Target for £112m

India-based technology firm Tech Mahindra has bought third-party servicer Target Group for £112m. Target’s management team, including co-chief executives Ian Larkin and Bill Alley, will remain at the business. Target chairman Paddy Byrne says: “Target Group has been focused on building expertise in the lending, investments and insurance sectors, becoming a market leading player in […]

Health - thumbnail

Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


News and expert analysis straight to your inbox

Sign up