Mortgage Advice Bureau (MAB) has joined the Open Property Data Association (OPDA) becoming the first major mortgage intermediary to do so in the group’s efforts to speed up homebuying by standardising digital property information across the home transaction.
MAB is one of the largest consumer intermediary brands and specialist appointed representative networks for mortgage intermediaries with over 2000 advisors and joins recent recruits Movemnt (who joined last month) and major mortgage lenders, NatWest Group, HSBC, Nationwide and Lloyds Banking Group
OPDA’s objective is to introduce data standards into the property market to enable better and more effective sharing of data between parties. It says the free and open-source tools have been created and tested in collaboration with every sector across the property industry.
Donna Brenchley, Chief Transformation Officer, Mortgage Advice Bureau, said:
“Our mortgage advisers are at the coalface of the homebuying process, witnessing first-hand the difficulties and delays that customers face every day. We’re passionate about improving the homebuying experience for customers and streamlining the process for our advisers, and joining OPDA is integral to helping us achieve this goal.”
Other members of the association include Atom bank, PEXA, and Coadjute with the group adding those using the data standards for digital property packs have seen the ‘time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days.’
Maria Harris, Chair of OPDA, added:
“MAB’s direct knowledge of the day-to-day homebuying experience through its advisers is hugely beneficial. Their excellent network will be a great channel for getting improvements to the process out there. Along with work from our other members, MAB will help us to transform the homebuying process from what is currently a poor customer experience.”
OPDA is calling on the Government to deliver digitised property data at source. It is also asking for more clarity from the industry on executing a fully digital homebuying market. The results of a recent research project into what buyers think should be done to improve homebuying process will be presented later in the year along with OPDA’s recommendations.
