Cotality has joined the Open Property Data Association (OPDA) as efforts to create common data standards across the home buying and selling process gather pace.
The property data and technology provider monitors around 30.9 million UK residential properties each day for events affecting their value and risk.
Its database contains more than 150 million property records spanning over 25 years of transactional history, with information drawn from more than 100 data sources.
Cotality’s technology is already used across estate agency, mortgage lending, surveying and conveyancing, including valuation and surveying software used across much of the UK property market.
SHARING PROPERTY DATA
OPDA is seeking to establish open standards allowing trusted property information to be reused and shared between different participants in a transaction rather than repeatedly collected.
Cotality says joining the organisation fits with its plans to increase interoperability between different property systems and reduce friction during transactions.
Mark Blackwell (main picture, inset), Chief Operating Officer at Cotality, says: “At Cotality, our mission is to make the UK property industry faster, smarter, and more people-centric.
“Through our integrated platforms – including our Lender Hub – we are already helping lenders and surveyors connect digitally, removing friction across the transaction chain.”
He adds: “Joining the association is a natural stepping stone, sharing our experience to help shape the framework needed to make home buying and selling faster, more reliable, and transparent for everyone.”
FASTER TRANSACTIONS
OPDA has developed property data standards and models intended to make information reusable across the transaction process and reduce delays caused by fragmented systems.
Its membership spans lenders, building societies, conveyancers, estate agents, technology providers and other property professionals.
Maria Harris, Chair of the OPDA, says: “As one of the sector’s most established data and analytics providers, they bring deep technical expertise and proven integration across lenders and valuation networks.
“Their involvement will be invaluable as we continue to build open, trusted standards to create a faster, more connected home buying and selling process.”
