Virgin Money has confirmed a three year extension to its valuation and risk services partnership with Hometrack.

Hometrack first teamed up with Virgin Money in 2015. The UK challenger bank uses its automated and risk services to help enhance the service offered to customers and intermediaries.

Hometrack was founded in the UK in 1999.  It launched its Automated Valuation Model (AVM) service using proprietary data and algorithms in 2002.

Underpinning loan decisioning

Virgin Money Director of Mortgages, Andrew Asaam said: “Hometrack’s AVM underpins our loan decision process for selected remortgage applications. This helps 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 Virgin Money has been able to drive efficiency through its credit valuation strategy which complements their overall award-winning proposition.”

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In February, Santander renewed its licence with Hometrack for a further three years. The agreement covers collateral risk management solutions including AVM modelling and ongoing portfolio valuations.