By integrating the Apprivo platform, Finova will help Suffolk Building Society’s digital strategy to invest in front-end mortgage origination.
The partnership will facilitate mortgage origination across multiple lending types, including residential, expat, buy to let (BTL) and self-build.
Suffolk Building Society launched a trial of Apprivo with a selected broker network for residential mortgage customers last year, which gave quality assurance and user feedback.
A further release to brokers is now underway, so all brokers will be able to use the platform for residential mortgage applications, and the next launch will deliver all the society’s products on Apprivo.
Richard Marsh, chief operating officer (COO) at Finova, said: “It’s a pleasure to partner with Suffolk Building Society, one of the most respected and innovative lenders in the market.”
In February, Finova was brought onto the Open Property Data Association (OPDA) as an associate member.
‘A cutting-edge experience’
Apprivo is a cloud-first software-as-a-service (SaaS) banking originations product and has an automated valuation model (AVM) with Hometrack and integration with Experian for credit scoring.
The platform has case management dashboards and risk assessment hubs, along with the ability to add different modules to the tool as needed.
This could include credit assessment, electronic identification and verification, AVM, digital signature and payment gateways.
Marsh said: “Apprivo will deliver a cutting-edge experience for Suffolk Building Society’s intermediary clients while streamlining operational efficiencies. We are looking forward to building on this success with Suffolk Building Society, offering a quality service to brokers and end customers alike.”
Rebecca Newman, COO at Suffolk Building Society, added: “Finova is a well-established innovator in mortgage technology. Apprivo is an exciting product [that] will support our core lending offering and allow the society to grow and maximise efficiencies.
“The initial trial launch was a success, and we are keen to build on this momentum so that our broker partners can benefit from its top-flight case management dashboards and risk assessment hubs. This partnership will ensure Suffolk Building Society continues to deliver a fantastic service in the years to come.”
