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Finova upgrades origination platform Apprivo

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  • 19/06/2024
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Finova upgrades origination platform Apprivo
Cloud-based mortgage and savings platform provider Finova has made upgrades to its origination platform Apprivo to streamline processes.

Finova has added SmarterDocs and Enhanced Tasks features to Apprivo, with the former including a centralised hub for documents. 

This is expected to improve communication between brokers and underwriters by providing a single place to organise and share documents needed for an application. 

The SmarterDocs feature was developed to reduce the risks associated with handling sensitive documents by allowing underwriters to view them on-screen within the secure platform. 

Users of the platform can use features such as document categories, multi-document uploads and access to an audit trail to track a document’s status. The dashboard offers real-time updates allowing lenders to review, accept and reject or request information. 

The Enhanced Tasks feature allows lenders to use automation to raise tasks for operational teams throughout the origination process, based on workflow. 

Lenders will be able to manage outstanding tasks, removing the need to manually prioritise tasks. 

This will all be available on one platform, so lenders do not need to use spreadsheets or third-party tools. 

The platform can also automatically generate tasks for brokers and keep them updated through email notifications. 

Earlier this year, Finova received funding from Bain Capital Tech Opportunities.

 

Finova developing technology for evolving needs

Mike Beckford, head of transformation and MI at Gatehouse Bank, said: “Apprivo’s newly launched SmarterDocs upgrade has streamlined our underwriting processes. With all key documents easily accessible in one place, our efficiency has improved. The upgrade has also greatly benefitted our quality control and audit teams, making document retrieval much simpler and less time-consuming.”

Chris Little, chief revenue officer at Finova, said: “At Finova, we’re committed to developing technology that is in line with our clients’ evolving needs, and these new optional upgrades are the perfect example of this in action. We don’t just want to help our lenders better serve their customers, but we also want Apprivo to improve broker engagement, and both SmarterDocs and Enhanced Tasks will enable it to do just that.

“These new additions follow the recent launch of our customer retention portal and are another key step in our journey to ensure that lenders continue to get the most from Apprivo. With several lenders starting to reduce rates on fixed mortgages, having a streamlined tech platform will be critical to keep up with the higher application volumes they’re likely to experience following these cuts, and we hope that these new modules have come at the right time.” 

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