Sometimes amazing new technologies happen and change our lives.
Steam engines, the internet, the iPhone – they all have a profound and lasting impact on us all, and how we do things will never be the same again.
At other times, we have legislation or regulations that force us to develop. McOB, GDPR, Consumer Responsibilities – They all make significant and permanent changes to our customer journey, technology and the way we work.
No more documents, no more scans or copies
By this spring, our entire home buying and mortgage industry will know if we are facing the biggest change in a century thanks to the introduction of the Data (Usage and Access) Act.
Essentially, this legislation (planned to propose royal consent in one-third of the House of Commons readings), gives clients control over access and sharing of their own data.
From digital identity and open finance to mortgage, property and energy data, customers will have the right to access that data in a digital and secure format; knowing that it comes from formally proven materials; and sharing data securely by clicking a button and serving them on their home purchase or mortgage travel with verified and approved providers.
There are no more documents, no more scans or photocopies, no email attachments, and no fill-in form for questions.
The data will need to be fully digitized to meet standards we have never had before
Clients will have the right to access their personal, financial and property data directly from sources and have all the protections to understand where the data comes from – choose the data to whom we share and know exactly what we are using to help them.
Industrial Strategy
The government departments involved and the reasons for the legislation are multiple, as it involves several manifesto themes.
However, the bill is to implement industrial strategies and the implementation of the smart data economy to drive economic growth. Cutting down inefficiency, lack of access to verifiable data present in healthcare, finance and real estate markets, coupled with achieving our energy goals and improving services, all depend on the right data available at the right time and used in a format we can verify, source and trust.
Are you not an approved company that accesses the data, or are you using a company that does not access the data? shame. Guess someone else will be my mortgage
I’m not the one who writes exaggerated or compelling headlines, but it’s bigger than the Uber moment in our industry. This will be a permanent life in our transactions on property, how mortgages are provided and executed, as well as property, energy and financial data throughout the life cycle.
The transition to smart data will reform every part of our industry, from the property portal to the HM Land Registry (HMLR), as well as every system, software provider, and people working in real estate agents, mortgages, transfers, valuations, and everything in between.
Data custodian
For those who are the creators or custodians of databases and spreadsheets, it will not be cut in the future. The data will need to be fully digitized to meet standards we have never had before.
By this spring, we will know if we are facing the most survival change in a century
It needs to be provided in a specified and common format in real time and is directly accessed by the customer with verified and trustworthy credentials. Not only will this data be the customer accessed, but it can also share and use whatever they need.
Companies representing buyers and sellers in the home purchase or mortgage process will need a way to accept data that customers share with them. Want a copy of my passport to scan my files? no thanks. I have a digital identity that I’m ready to share with you, but only if you are a member of the approval and authentication of the smart property data ecosystem.
Need to check the remaining time of my lease, or is there any restrictions on the property I purchased that could affect my mortgage application? This is attribute data directly from the HMLR, accompanied by digital authentication, indicating that it comes from official information and has not been tampered with.
Essentially, this legislation gives customers control over access and sharing of their own data
Are you not an approved company that accesses the data, or are you using a company that does not access the data? shame. Guess someone else will be my mortgage.
Guess what it is? It is not enough to be able to accept and share data from normal APIs. Implement smart attribute data ecosystems and ensure their security improves standards – Data standards, technical standards, security, networking, consumer protection and governance are built from OFF.
It’s all about customers and controls their data.
Maria Harris is the chairman of the Open Property Data Association
This article is in the March 2025 version Mortgage Strategy.
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