Virgin Money has renewed its licence with property analytics business Hometrack, securing delivery of Automated Valuation Model (AVM) services for the next three years.
The challenger bank first partnered with Hometrack in 2015 and has been using its automated and risk services to help enhance the service offered to customers and intermediaries.
Andrew Asaam, Virgin, Money’s director of mortgages, said: “Hometrack’s AVM underpins our loan decision process for selected remortgage applications, helping to ensure we provide an efficient and high-quality service to our customers and intermediary partners.
“We look forward to continuing our relationship with Hometrack over the next three years.”
Piero Bassu, director of financial services and capital markets at Hometrack, said: “We are delighted to continue working with Virgin Money and look forward to building on our partnership.
“By integrating our AVM into their existing processes VirginMoney has been able to drive efficiency through its credit valuation strategy which complements their overall award-winning proposition.”
Hometrack was founded in the UK in 1999 and launched its AVM in 2002 and uses proprietary data and algorithms to provide the UK’s market leading automated valuation tool.