The two firms will operate under the Finova brand and will support over 60 banks, building societies, specialist lenders and equity release providers, as well as over 550 brokerages across the UK.
As part of the rebrand, Finova has consolidated and refreshed its product suite for lenders and brokers.
Lenders will be able to access Finova Lending, which is the umbrella for its mortgage origination platform. It has its whole-market lending solutions and MSO.
Lenders will access the decisioning product, formerly known as Optimo, which offers “adaptable decisioning tools that help lenders assess risk, adjust product parameters, and streamline processing”. This can be integrated with Finova Lending or used as a standalone deal.
Finova’s existing deals for lenders, Savings, Servicing and Intermediary Manager, keep their names and are essential to parts of the product suite.
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Brokers can access Broker CRM and Broker Payments. The former is a CRM platform designed for brokers and the latter manages payment flows between lenders and brokers.
Finova said its technology powers around a fifth of UK mortgages and supports half of the top 50 residential mortgage lenders, equal to around £39.6bn in residential lending.
Paraag Davé, executive chair of Finova, said: “This is a new era and defining moment for Finova, following a year of significant transformation for the business. Our rebrand reflects our scale, momentum and ambition to continue powering the future of mortgage and savings technology.
“The combination of Finova and MSO creates an unparalleled platform offering modern, cloud-native solutions to lenders of all sizes. With over £50bn in lending now flowing through our platforms each year, we are proud to sit at the heart of the UK mortgage industry’s digital evolution.”
