NatWest Group has joined the Open Property Data Association (OPDA) to support its drive to improve the homebuying process by sharing digital property information across the mortgage market.
Currently, buying takes on average 22 weeks to reach completion, with less than 1% of property information available digitally.
NatWest Group was the latest major mortgage lender to join the OPDA; HSBC joined last month, Nationwide in July and Lloyds Banking Group in March.
Other members of OPDA include Atom bank, PEXA, and Coadjute.
The first organisation of its kind, OPDA has called on the Government to deliver digitised property data at source.
This includes information from the Land Registry, planning permissions, building safety, and local authority searches.
It has also asked for more clarity for the industry on executing a fully digital home buying market.
Brad Fordham, head of mortgage distribution at NatWest, said: “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.
“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, chair of OPDA, added: “To have 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.
“Together, 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.”
