The mortgage and homebuy market is getting closer to the data revolution as new independent research calls on governments and industries to unite with the Open Property Data Association (OPDA) to provide a trust framework for property data.
Open data aims to change the homebuy industry, and the common data standards are expected to bring reduced costs, faster completion and more certainty to brokers, lenders, homebuyers and legal companies.
The study, conducted by TPXIMPACT for the Digital Real Estate Market Turning Towards Group (DPMSG), lists an evidence-based case for shared open data standards to change the mortgage and property sectors.
It believes that open data is crucial to reduce latency, improve efficiency and improve security, and recommends that governments, industries and DPMSG work with OPDA to form a trust framework that will support this transition.
For brokers and lenders, these changes are expected to modernize every stage of the mortgage process, and standardized property data reduces uncertainty, duplication and friction for clients.
The report highlights the work of OPDA member companies, many of which have deployed data-driven solutions to speed up transactions.
“The report provides a clear and independent view: data, trust and interoperability standards are fundamental to the future of the real estate market,” said Maria Harris, chairman of OPDA.
“The recommendations to recommend that governments and industries work with OPDA to create a trust framework reflect the progress our members have made and the critical role standards will play a role in achieving a simpler, faster, and safer home buying process.
“It is inevitable to achieve this change – the best way we predict the future is to create it.”
