Digital revolution comes to mortgage sector
Mortgage Brokers - 04/09/2006 12:03:58
A technology explosion will soon allow mortgage brokers and other lenders to offer a better service to clients, according to industry experts.
Research by Hometrack has found that automated valuation models (AVMs) are growing in popularity in the property market and it claims that by 2008, 60 per cent of valuations will be completed using the technology.
AVMs will allow mortgage brokers and other lenders the chance to offer near-instantaneous valuations on properties and streamline the processes involved in buying a house.
David Catt, commercial director of Hometrack, said: "The AVM market has increased enormously over the past two years.
"We believe a milestone has been reached and welcome this competition in the belief that this can only be beneficial to the market as a whole."
Hometrack claims that more and more mortgage brokers are looking to become involved with online applications and Mr Catt added that he expected six major lenders to be using AVMs by early 2007.
Scarborough Building Society is the latest lender to launch an AVM service which it hopes will allow it to offer valuations in less than 24 hours.
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