HSBC UK has become the latest mortgage lender to join the Open Property Data Association (OPDA), which aims to improve the homebuying process through the sharing of digital property information across the mortgage market.
UK-based building society Nationwide became a member of the OPDA in July, following in the footsteps of Lloyds Banking Group, which signed up in March this year.
OPDA has called on the UK government to deliver digitised property data “at source”, including HM Land Registry, planning permissions, building safety, and local authority searches, which it said had been promised in 2018.
It has also asked the government for clarity for the industry on executing a fully digital homebuying market, with less than 1% of property information currently available digitally.
Oli O’Donoghue, head of mortgages at HSBC UK, said: “Joining the OPDA is a significant step for us to help play a part in further improving the homebuying process. This move aligns with our commitment to putting our customers first by enhancing their experience of buying a home through greater transparency, while giving customers greater control.”
O’Donoghue added: “Our membership will also allow us to contribute to the development of digital services – which is a key strategic priority for us as a ‘digital first’ bank.
“We are truly excited to collaborate with other industry leaders and hope this will help drive innovation and improve the digital landscape for all home buyers.”
This year, the Association has delivered its framework for property data standards, which has made free and shareable data tools available across the property industry.
According to the OPDA, those using its data standards and models for digital property packs have reported a reduction in the time taken from mortgage offer and purchase accepted, to exchange of contracts, to within 15 days.
“To have HSBC UK join us further reinforces how absolutely vital Open Data standards are in digitising property transactions and the commitment from industry to make this happen,” said Maria Harris, OPDA’s chair.
“Over 40% of UK mortgage customers are supported every year by our lending members who have some of the deepest and long-standing relationships with distribution and technology providers,” added Harris.
“Their collective ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer perception of the home buying process.”
