The association's mission is to streamline homebuying processes
Mortgage Advice Bureau (MAB) has become the first major mortgage intermediary network to join the Open Property Data Association (OPDA), a move aimed at enhancing the homebuying process through improved digital property information sharing.
The partnership aligns with OPDA’s mission to streamline home transactions by promoting the use of open data standards across the property sector. MAB, one of the UK’s leading consumer intermediary brands, with over 2,000 advisers, is positioned to contribute significantly to this initiative.
Since its establishment last year, OPDA has been instrumental in developing open property data standards that facilitate reliable and shareable information. The association has garnered attention from several organisations, with recent additions including Movemnt, NatWest Group, HSBC, and Nationwide. Other notable members consist of Lloyds Banking Group, Atom bank, PEXA, and Coadjute.
Data from OPDA indicated that using its standards has accelerated the process from mortgage offer acceptance to contract exchange, reducing the timeframe to approximately 15 days.
In a recent initiative, OPDA launched a research project aimed at gathering insights from homebuyers about potential improvements to the purchasing process. The survey, open to all homebuying customers, will culminate in recommendations to be released later this year.
Donna Brenchley (pictured), chief transformation officer at MAB, emphasised the importance of this collaboration, stating, “Our mortgage advisers are at the coalface of the homebuying process, witnessing first-hand the difficulties and delays that customers face every day. We’re passionate about improving the homebuying experience for customers and streamlining the process for our advisers, and joining OPDA is integral to helping us achieve this goal.”
Maria Harris, chair of OPDA, expressed optimism regarding MAB’s involvement, noting, “MAB’s direct knowledge of the day-to-day homebuying 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 also advocating for government support in the digitisation of property data and seeks clearer guidelines for establishing a fully digital homebuying market.
Mortgage Advice Bureau, established in 2000, has received over 200 awards for its service quality and expertise. The organisation manages more than £20 billion in loans annually and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
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