Hometrack, the leading provider of insight and intelligence to the UK mortgage market, has launched a Broker AVM, building on its 20-year heritage of providing over £3.320 billion of property portfolio valuations to lenders.

Leveraging its expertise as the pioneer behind the Automated Valuation Model (AVM), which currently serves 17 of the top 20 UK mortgage lenders, Hometrack has adapted and tailored its best-in-class model, optimising use and relevance for mortgage brokers.

Designed to deliver a fast, reliable and cost-effective quality check on submissions to lenders, the Broker AVM helps facilitate a ‘right first time’ service for its customers.

Combined with Property Attribute Data, the Broker AVM helps brokers when completing Fact Finds, Mortgage Applications and when quoting or applying for Home Insurance.

Accessed in real time through the API, the Broker AVM simply requires the address and postcode or the Unique Property Reference Number of any given property, in order to return results to brokers in seconds.

George Robbins, Vice President of Commercial at Hometrack, comments: “The Broker AVM is entirely unique in its offering. Typically, brokers rely on customers providing property details, which are often inaccurate and can include unrealistic valuations that result in delays and rework.”

“This tailored solution helps brokers pre-screen customer estimates of a property’s value and provides more accurate pre-populated property data – reducing erroneous submissions and ultimately delivering a faster time to yes for mortgage applications.”

He adds: “Broker AVM also ensures consistency throughout the entire mortgage lifecycle; providing key insight as a customer approaches the end of an existing deal and can improve retention significantly. Ultimately the Broker AVM represents exponential benefits – across cost, time, and accuracy.”