Mortgage Advice Bureau has joined the Open Property Data Association, becoming the first major mortgage intermediary to do so.
The intermediary network will support the association’s mission to speed up home buying by sharing digital property information across the transaction chain.
With more than 2,000 advisers, MAB is one of the UK’s largest consumer intermediary brands and specialist appointed representative networks for mortgage intermediaries.
MAB is the latest of several organisations to join OPDA recently. Movemnt joined last month and major mortgage lenders, NatWest Group, HSBC, and Nationwide joined this summer. Lloyds Banking Group became a member of OPDA in March. Other members include Atom bank, PEXA, and Coadjute.
Since it launched last year, OPDA has delivered open property data standards and models for trustable and shareable data. The free and open-source tools have been created and tested in collaboration with every sector across the property industry.
Those using OPDA’s data standards for digital property packs claim to have seen the time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days.
Donna Brenchley, chief transformation officer at Mortgage Advice Bureau, says: “Our mortgage advisers are at the coalface of the home buying process, witnessing first-hand the difficulties and delays that customers face every day. We’re passionate about improving the home buying experience for customers and streamlining the process for our advisers, and joining OPDA is integral to helping us achieve this goal.”
And OPDA chair Maria Harris adds: “MAB’s direct knowledge of the day-to-day home buying experience through its advisers is hugely beneficial. Their excellent network will be a great channel for getting improvements to the process out there. Along with work from our other members, MAB will help us to transform the homebuying process from what is currently a poor customer experience.”
OPDA is calling on the government to deliver digitised property data at source. It’s also asking for more clarity from the industry on executing a fully digital home buying market.