Fleet Mortgages has joined the Open Property Data Association (OPDA) as momentum continues to build behind efforts to modernise the UK’s homebuying process through smarter data sharing and greater industry collaboration.
The buy-to-let specialist lender, owned by Starling Bank, says the move forms part of a wider investment in technology and data capabilities aimed at improving the mortgage journey for borrowers.
Fleet becomes the latest lender to back OPDA’s push for a more connected property market, where information can be securely shared and reused between lenders, brokers, conveyancers and valuers in an effort to reduce delays, duplicated checks and transaction fall-throughs.
The move comes amid growing industry frustration over the inefficiencies within the current homebuying process, where buyers and sellers are frequently asked to provide the same information multiple times across different stages of a transaction.
SMART DATA
OPDA has been leading work around the development of trusted property data standards and smart data frameworks designed to streamline the journey from offer through to completion.
Fleet said improving data usage could help reduce friction across the mortgage process while maintaining the central role of brokers within the transaction chain.
Toni Coulson, Data Insights Director at Fleet Mortgages, says: “As a lender, we have deep insight into where delays occur and how data could be used more effectively to streamline decision-making and reduce friction for brokers and customers alike.
“However, for this to succeed, the industry must remain focused on the end customer and for Fleet particularly, keeping sight of the critical role of the broker.”
She adds: “Any move towards greater data sharing has to deliver a clear and tangible benefit – whether that’s saving time, reducing complexity or removing the need for repetitive admin.”
Maria Harris (main picture), Chair of OPDA, welcomed Fleet’s membership, saying the lender would bring “valuable insight” into how property and finance data can be used to improve mortgage origination and transaction efficiency.
The initiative forms part of wider industry efforts to digitise the homebuying process and reduce the lengthy delays that continue to affect UK property transactions.
