EHBF launches blueprint for data exchange

The E-Homebuying Forum (EHBF) has called upon mortgage lenders to embrace technology to improve efficiency in the housing market, after the body released its Blueprint for Success last week.

The blueprint sets out what the EHBF believes is needed for widespread adoption of electronic information exchange, in order to remove significant time delays, including plans for the revival of the Government's failed Chain Matrix scheme.

Mark Riddick, chairman of EHBF, said Government legislation could be one way of getting the scheme off the ground. He explained: "The problem with Chain Matrix is that you need a high level of engagement from all parties, and we do not feel this is possible without some sort of mandate."

Riddick said the industry needed to increase the number of in-principle mortgage offers. He continued: "While this concept already exists, there is currently low take-up by lenders and the Forum believes greater awareness and practice of these is a key element of delivering faster certainty to the consumer."

Catherine Williams, chief executive of Pisces, said the launch of the EHBF's blueprint was a "really positive step" for the industry.

Williams commented: "The data standards and technology needed to make significant efficiency improvements already exists. What is missing is the collaborative will to implement it. The E-Homebuying Forum should be applauded for encouraging representatives from every corner of the homebuying market to agree on these tangible, achievable measures to improve the homebuying experience."

The Forum is set to engage in a series of talks with the Department of Communities and Local Government (CLG) and the Ministry of Justice over the coming weeks to discuss the suggestions made in the document.