Move regarded as a "key moment" for the homebuying sector
NatWest Group has joined the Open Property Data Association (OPDA) in an effort to enhance the homebuying process by promoting the sharing of digital property information across the mortgage market.
OPDA, the first organisation of its kind, advocates for the government to provide digitised property data from key sources, such as the Land Registry, planning permissions, building safety reports, and local authority searches. The association is also seeking clearer guidance on how to implement a fully digital homebuying market.
There have been recent positive signs from the government, including the proposed Digital Information and Smart Data Bill mentioned in the King’s Speech, which aims to streamline the homebuying process through digital services.
Since its launch last summer, OPDA has introduced open property data standards and models for sharing reliable information across the property sector. The association’s free, open-source tools have been used to create digital property packs, cutting the time between mortgage offers and contract exchanges to as little as 15 days for some users.
NatWest follows other major lenders in joining OPDA, including HSBC, which became a member last month, Nationwide in July, and Lloyds Banking Group in March. Additional members of the organisation include Atom bank, PEXA, and Coadjute.
“Speeding up the homebuying journey and making it a simpler, clearer and more customer-focused process is core to what we’re trying to achieve as a bank,” said Brad Fordham (pictured left), head of mortgage distribution at NatWest. “Joining OPDA is an important signal of our commitment to driving up standards of transparency and collaboration across all parts of the homebuying journey, and we look forward to seeing that continue to improve.”
Maria Harris (pictured right), OPDA chair, welcomed the association’s newest member, adding that “having NatWest Group join us so soon after other large mortgage lenders is a key moment, not just for us at OPDA, but also for the homebuying sector.
“NatWest’s support reinforces how absolutely vital open data standards are in digitising property transactions and the commitment from industry to make this happen. NatWest and our other lending members’ ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer experience of the homebuying process.”
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