Leeds Building Society, the UK’s fifth-largest building society, has agreed a new Climate Change Risk contract with Hometrack, the leading provider of insight and intelligence to the UK mortgage market.
Hometrack’s Climate Change Risk analysis draws on data from both Ambiental and Terrafirma and will afford Leeds Building Society an increased understanding of the impact of climate change on its mortgage portfolio, and will help the building society to meet ongoing regulation from the Bank of England.
Hometrack’s Risk insights will also assess how climate change risk is projected to evolve across Leeds Building Society’s portfolio over time, ultimately helping the mutual to gain greater insight on the potential impacts from climate change risks.
Bringing together critical risk components into a single tool tailored to Leeds Building Society’s requirements, Hometrack’s Climate Change Risk product will also be delivered at the point of origination for new mortgage lending, enabling the Society to incorporate key climate change metrics into its future mortgage origination strategy.
Andrew Mellor, Risk Director at Leeds Building Society, said: “We are pleased to build on our existing relationship with Hometrack, which has enabled the Society to gain invaluable insights into the emerging impacts that climate change could have on our business and has helped to shape our Climate Risk Management Framework and response plans.”
Commenting on the partnership, George Robbins, VP Commercial at Hometrack, said: “Leeds Building Society recognises the need to gain a greater understanding of the potential impacts of climate change risk as soon as possible, and we will support the Society as it navigates increased regulation in this field. We look forward to building on our existing relationship and to delivering streamlined, in depth analyses that enables the Society to understand, track and minimise climate change risk exposure - both today and for the future.”
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