Hometrack has announced the acquisition of EDM Group’s mortgage automation company. With this acquisition, Hometrack will connect directly with EDM’s Mortgage Decision Automation staff. The mortgage arm specializes in offering financial institutions to optimize decision making and streamlining the mortgage application processes. As part of the agreement, Hometrack’s leadership will be joined by former EDM Chief Technology Officer, Spencer Wyer.
Commenting on the acquisition David Ross, Managing Director of Hometrack, explains that EDM is the perfect match for Homesnap as the group shares Hometrack’s mutual goal of simplifying the mortgage lending process. Ross said:
“This merging of specialties creates a market position like no other in the industry. Hometrack will become the only provider who can partner with mortgage lenders to manage and optimize every step of the property risk process."
Ross believes this agreement will speed up the process of offering a more comprehensive way to optimize the mortgage lending process and that the added help of brilliant minds like Spencer Wyer will be a boon in hitting that goal.
John Willox, EDM’s Group CEO, said:
“We are very pleased that EDM’s mortgage automation solutions have been recognized as market-leading by Hometrack. The acquisition of these services by Hometrack and combining them with their existing solutions makes for a formidable proposition. We would like to wish Hometrack and the experts joining them from EDM great success on the journey ahead. EDM Group will continue to focus its growth plans on document management, digital transformation, and emerging market sectors.”
Hometrack is a provider of automated property valuations and market stats to mortgage lenders, government agencies, and property professionals was bought by ZPG in February 2017 for £120 million. Hometrack’s data powers Zoopla’s valuation tools.
EDM Group is a business-to-business outsourced that displays management solutions for a wide range of clients for private and public sectors for financial services, insurance, healthcare, real estate, and utilities.