EDM Mortgage Support Services (MSS) upgrades Santander platform
with game-changing technology
5th September 2016
New generation of functionality increases the extent to which mortgage industry’s processes can be automated from the current 25% up to 75%
EDM Mortgage Support Services’ (MSS) has installed a pioneering upgrade to its Valuation Exchange (VEX) platform used by leading mortgage lender Santander.
The upgrade uses a new generation of functionality that increases the extent to which mortgage industry and lender processes can be automated from the current 25% up to 75%. The upgrade is initially being applied to Commercial VEX platform used by Santander, but can be spread to similar Commercial, Residential and Buy-to-Let VEX platforms used by lenders such as Barclays Bank and One Savings Bank.
Joe Pepper, Managing Director, EDM MSS, commented: “This new generation of functionality represents a major step forward in bringing the UK mortgage industry up to date, moving historically manual processes onto digital, online fit-for-purpose technology.
“Going forward both lenders and the various mortgage professionals, including brokers, who support the UK mortgage chain will start to see key processes brought online, making the process faster, safer and more transparent for all parties, including the customer.”
Daniel Woodhouse, Head of Corporate & Commercial Property Risk, Santander, commented: “This enhanced system represents a real step in delivering an effective end-to-end managed process for our customers. Processing mortgage applications quickly with accurate and timely data is a key element of our proposition to customers, and with the valuation process available on a single platform we can monitor the whole process end-to-end and maximise the use of our data in a secure environment.”
Commercial Valuation Exchange (VEX) enables lenders to distribute work to, and receive work from, qualified surveyors. Based on a single, centralised platform, surveying businesses can communicate with their surveyor panels and allocate valuations to the most appropriate surveyor.
The product provides a fully transparent, centralised platform for all stakeholders in the valuation chain and significantly cuts down the time and administration required to fulfill successful transactions.
The new technology being used to upgrade Commercial VEX at Santander is mainly designed to help lenders in five key areas:
• It helps minimise risk by using automated system checks on property portfolios and a full audit trail to help reduce fraud risk;
• It improves financial control with an HMRC-approved self-billing suite;
• It enables real-time case monitoring, tracking the valuation progress via live status updates;
• It provides comprehensive management information, running online reports tailored to users’ requirements; and
• It facilitates full panel management control, enabling users to engage with hundreds of commercial surveying firms using their own panel management rules.
NOTES TO EDITORS
About EDM Group: Headquartered in London, EDM Group employs over 1,400 people across the UK and US. For the financial year 2014/2015, the firm reported an annual turnover of £70 million. In September 2015, EDM Group was ranked 43rd in the annual Sunday Times Hiscox Tech Track 100 league table, up from 57th in 2014 – a reflection of the fast-growth success of the firm and its position as a leading, global information management and digital transformation specialist. In June 2016 EDM Group was ranked number 1 in the annual Sunday Times HSBC International Track 200.
EDM Group combines best-practice consulting and technical experience to develop bespoke outsourced solutions for a range of clients across the private and public sectors. The success of the firm has been built on its powerful Digital Mailroom document scanning and storage capability, which continues to be a core, in-demand product offering. EDM Group’s growing client base spans sectors including financial services, automotive, professional services, private healthcare, and the public sector (central and local government, and NHS). Specific clients include HMRC, Legal & General, Friends Life, Bupa, Avis Budget EMEA Ltd, Nationwide Building Society, Barclays, Santander, Companies House, Lloyds Banking Group, Grant Thornton and healthcare providers including NHS Trusts and BMI hospitals.
EDM Group is accredited to ISO standards for Information Management Systems (ISO27001), Environmental Management (ISO14001) and Quality Management (ISO9001).
For more information
Hugh Fasken, Stephen Sheppard, Emma Castle – Citigate Dewe Rogerson 020 7638 9571
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