Provides clear differentiator for mortgage lenders as instant decisions become reality
[UKPRwire, Wed Nov 01 2006] Experian®, the global information solutions company, has launched its Automated Property Valuations (APV) service which provides lenders with instant access to house valuations at the same time as they receive a credit report. Experian believes the new service will shorten house-buying cycles by up to one week by providing credit risk and property value information simultaneously.
The APV service is built specifically for the risk assessment process in secured lending, allowing lenders to avoid site surveys and therefore speed up their decisions at the point of application and make better-informed lending decisions.
As the UK’s leading credit reference agency, Experian processes in excess of 8.8 million mortgage applications per year (including purchase mortgages, re-mortgages, further advances and second loans). In addition to Experian’s strength in the mortgage and financial services industry, it has been working in the property sector for almost 20 years and its Business Strategies business is a leading provider of property information and analysis.
Peter Brooker, Director, Experian, said: “Integration is the key to our APV service. As a result, it is able to break down the silo approach to this process, making instant mortgages a reality. This is because the APV service combines the essential risk management elements of mortgage lending – credit risk and valuations – to speed up and improve the efficiency of the mortgage application and approval process. The APV service is great news for both lenders and consumers alike. For the consumer, buying a house is complicated enough without valuation delays, while lenders, with ever-decreasing margins, need to make the best and most appropriate decisions. The APV service helps lenders to do this rapidly and accurately.
“The APV service has been designed to meet the needs of mortgage lenders and is expected to deliver big savings in operational costs, speed up the mortgage approval process, reduce mortgage turnaround time by up to one week and prevent double keying. As such, it will be invaluable to mortgage underwriters and risk managers, as well as those responsible for valuations and operations.”
Experian’s APV service works by drawing on comparable data from a variety of databases, including Land Registry data, surveyor valuations, census, lifestyle data and over 400 Mosaic variables. Mosaic is Experian’s award winning people classification system, classifying the UK population into 11 main socio-economic groups and, within this, 61 different types. Lenders can elect to use the APV service as an integral part of their application processing service or on a standalone or batch-processing basis.
Experian works with leading mortgage lenders, providing solutions for credit risk, behavioural scoring and fraud prevention, and has strong experience of the entire mortgage application processing business, in addition to supporting collections, securitisation and Basel reporting.
This press release can be downloaded from http://press.experian.com .
ENDS
For further press information please contact:
DREW BENVIE OR HELEN CLEAVES, LEWIS PR, Millbank Tower, London. SW1P 4RS. Tel: 020 7802 2626. Email: drewb/helenc@lewispr.com
About Experian
Experian is a global leader in providing analytical and information services to organisations and consumers to help manage the risk and reward of commercial and financial decisions. Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage. For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence. Clients include organisations from financial services, retail and catalogue, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.
Experian Group Limited is listed on the London Stock Exchange (EXPN). It has corporate headquarters in Dublin, Ireland, and operational headquarters in Costa Mesa, California and Nottingham, UK. Experian employs more than 12,500 people in 32 countries worldwide, supporting clients in more than 60 countries. Annual sales are in excess of £1.7 billion.
For more information, visit the Group's website on www.experiangroup.com.
The word 'Experian' is a registered trademark in the EU and other countries and is owned by Experian Ltd and/or its associated companies.
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