Movemnt joins OPDA on mission to speed up home buying
Movement, a property-related organization, has joined the Open Property Data Association (OPDA) to support the mission of accelerating home buying by sharing digital property information. This move aligns with OPDA s goal of digitizing property transactions and improving the customer experience in the home buying process. OPDA, which launched last year, has developed open property data standards and models for shareable data. The association has collaborated with various industry players, including lenders like NatWest Group, HSBC, Nationwide, and Lloyds Banking Group (LBG), as well as Atom Bank, Pexa, and Coadjute. The OPDA has reportedly reduced the time it takes to move from mortgage offer and purchase acceptance to contract exchange to just 15 days by using its data standards for digital property packs. The association is now urging the government to provide digitized property data at the source and is seeking more clarity on executing a fully digital home buying market. To gather insights on how to further improve the home buying process, OPDA has conducted a survey through its member firms, targeting both existing and potential homebuyers. The survey aims to understand their opinions on the current process, potential improvements, knowledge of digital property information, and comfort level with using and sharing data. Movement s involvement in OPDA s working groups will focus on standardizing property data. Maria Harris, OPDA s chair, emphasized the importance of open data standards in transforming the property transaction experience. Owen Rogers, Movement s director of product, highlighted the organization s commitment to enhancing the property purchasing journey for all stakeholders. In summary, Movement s partnership with OPDA aims to streamline the home buying process by promoting the use of digital property data standards, reducing transaction times, and improving the overall customer experience. The association is also seeking government support and industry clarity to establish a fully digital home buying market.
Source: mortgagesolutions.co.ukPublished on 2024-09-26
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