You are here: Home - News -

Foundation appoints tech consultant to streamline valuations

by:
  • 07/12/2017
  • 0
Foundation appoints tech consultant to streamline valuations
Foundation Home Loans has signed a deal with EDM Group to provide technology to improve its interactions with and instructions to surveyors in the valuation process.

EDM Group’s Valuation Exchange (VEX) platform distributes valuation instructions to surveyors on behalf of mortgage lenders, then collates the valuation data collected by surveyors and sends it back to lenders in a specified format.

“VEX provides a secure way to give information to surveyors and for them to report back,” said Joe Pepper, managing director at EDM Mortgage Support Services.

“It also gives lenders a significant amount of management information – such as reports on activity and usage – and the more data you capture, the better the decisions you make in your property risk process.”

Foundation will also use EDM Group’s PRISM technology, which brings manual processes online, allows lenders to access third party data, and make business decisions around the suitability of properties immediately.

“When you’re trying to get a decision in principle on a loan, the lender looks at whether you as a person is appropriate for the loan, and whether the property is acceptable as security on the loan,” said Pepper.

He continued: “The decision on you as a person is relatively quick, but assessing the property takes a lot longer. What PRISM does is speed up the property evaluation process, by using a database layered with information from a range of different key data sources.”

Foundation says this “reduces the time required to make an accurate lending decision from weeks to seconds.”

Chris Lomas, director of IT at Foundation Homes Loans, said: “Working with VEX and PRISM will enable us to run highly effective processes when interacting with and instructing surveyors.”

Lomas continued: “EDM Group adds huge value to the integration process because it has developed the PRISM digital hub and because it owns the VEX platform. It therefore understands exactly what this technology is capable of and how it can be applied to our own specific business model.”

Pepper added: “Specialist lenders such as Foundation Home Loans are increasingly turning to the VEX and PRISM platforms to bring improvements to their business processes, increase their attractiveness to lenders versus competitors and to comply with fast-changing regulatory and legal demands.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @ashridgepf: Well what a surprise! We love our clients and they obviously are quite fond of us. Mortgage applicants find humans more r…
  • RT @DanielleDennis9: Always love reading through the tweets of the year every December! Have a look through to recap on a great year https:…
  • RT @mortgagestall: Great to see the hard work brokers put in is getting ever-more recognised https://t.co/cg4ZaJzZJZ
Read previous post:
2284096-scissors-paper
Hampshire Trust cuts fees on short-term deals

Hampshire Trust Bank has cut valuation fees and will contribute towards legal fees on commercial mortgage loans.

Close