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.”