Virgin Money has renewed its licence with Hometrack, securing delivery of Automated Valuation Model (AVM) services for the next three years.

The bank first partnered with Hometrack in 2015 and has been using its automated and risk services to improve the service offered to customers and intermediaries.

Andrew Asaam, Virgin Money’s director of mortgages, said: “Hometrack’s AVM underpins our loan decision process for selected remortgage applications, helping to ensure we provide an efficient and high-quality service to our customers and intermediary partners.

“We look forward to continuing our relationship with Hometrack over the next three years.”

Piero Bassu, director of financial services and capital markets at Hometrack, added: “We are delighted to continue working with Virgin Money and look forward to building on our partnership.

“By integrating our AVM into their existing processes Virgin Money has been able to drive efficiency through its credit valuation strategy which complements their overall award-winning proposition.”