Fleet Mortgages joins the OPDA

Fleet Mortgages has become the latest member of the Open Property Data Association (OPDA), joining the industry-wide drive to modernise the UK property market through open and standardised data sharing.

By joining the OPDA, Fleet will join the industry efforts to reduce inefficiencies, improve decision-making, and support a more joined-up approach across lenders, brokers, conveyancers and valuers.

By applying the OPDA’s Smart Property Data Trust Framework principles, the industry has demonstrated that the current slow and inefficient system can be reformed. 

Earlier this month, the Centre for Finance, Innovation and Technology (CFIT)completed the first phase of its Open Property Coalition, publishing a landmark 'Roadmap for Open Property' in a bid to transform the UK’s homebuying process. The Roadmap also signals the next phase of the UK’s Smart Data journey beyond Open Banking and Open Finance.

Toni Coulson, data insights director for Fleet Mortgages, said: “Joining the OPDA comes at exactly the right time for Fleet. As we invest in our technology and data capabilities, we’re in a much stronger position to play a proactive role in shaping the future of the mortgage and homebuying process.

“As a lender, we have deep insight into where delays occur and how data could be used more effectively to streamline decision-making and reduce friction for brokers and customers alike.

“However, for this to succeed, the industry must remain focused on the end customer and for Fleet particularly, keeping sight of the critical role of the broker. Any move towards greater data sharing has to deliver a clear and tangible benefit — whether that’s saving time, reducing complexity or removing the need for repetitive admin.

“The progress OPDA has already made in bringing together firms from across the ecosystem is hugely encouraging, and collaboration will be key to unlocking the full potential of this initiative.

“We’re excited to be part of that journey and to contribute to building a faster, more efficient and more customer-focused property market, keeping the intermediary at the heart of everything Fleet does.”

Maria Harris, chair of the OPDA, added: “This is a great time for Fleet Mortgages to be joining OPDA as part of its own growth and development as a business. Fleet will bring valuable insight to our work, particularly around how property and finance data can be used to streamline mortgage origination processes and improve the journey from offer to completion. I’m delighted to welcome them and look forward to working with them to continue transforming our industry.”