Hometrack acquires EDM’s mortgage automation arm

"EDM shares our goal of making the mortgage lending process faster, cheaper and less risky, ultimately benefiting lenders and borrowers alike."

As part of the acquisition, Hometrack will welcome EDM’s Mortgage Decision Automation team, the part of EDM’s business that specialises in enabling financial institutions to streamline judgements and processes related to mortgage applications.

Founded in the UK in 1999, Hometrack is part of Zoopla. The company launched its AVM in 2002 and now provides over 85 million automated valuations each year.

David Ross, managing director of Hometrack, said: “We are always looking for ways to expand the breadth of service we offer our customers. EDM shares our goal of making the mortgage lending process faster, cheaper and less risky, ultimately benefiting lenders and borrowers alike. As such, the opportunity to combine EDM’s mortgage automation arm with Hometrack was one we didn’t want to miss.

“This merging of specialities 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 optimise every step of the property risk process.

“We believe this acquisition will help us reach our vision faster and in a more comprehensive way than we could do alone."

John Willox, EDM’s Group CEO, added: “We are very pleased that EDM’s mortgage automation solutions have been recognised 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.”