Foundation Home Loans has appointed EDM Group to provide integration with Valuation Exchange (VEX) via the PRISM platform.
VEX is a SaaS based platform owned by the EDM Group. It distributes valuation instructions to surveyors on behalf of mortgage lenders, then collates valuation data collected by surveyors and sends it back to lenders in a specified format.
PRISM – which stands for Portal for Risk Information Sharing in Mortgages – is a state-of-the-art EDM-hosted digital hub that brings manual processes online, enabling lenders to access third party data and make business decisions around the suitability of properties immediately. Crucially, this reduces the time required to make an accurate lending decision from weeks to seconds.
The team from EDM Group will be responsible for establishing Foundation Home Loans as a client on the VEX platform and building a set of forms and validation codes. They will also develop a set of management information reports and set up users on both VEX and PRISM.
Chris Lomas, Director of IT at Foundation Home Loans, said: “We are always seeking ways to enhance our service proposition and working with VEX and PRISM will enable us to run highly effective processes when interacting with and instructing surveyors. 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.”
Joe Pepper, Managing Director, EDM Mortgage Support Services, commented: “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. We are delighted to welcome Foundation Home Loans to EDM Group and look forward to collaborating with its team on this important project.”
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, utilities, charities, 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).
To see how EDM Group is transforming information management and helping organisations embrace the benefits of digitisation, please visit www.edmgroup.com
About EDM Mortgage Support Services: EDM MSS offers a range of products to help clients manage the various stages of the mortgage process. It enables lenders to exchange data with third parties such as surveyors, solicitors, estate agents and asset managers securely and cost effectively. The platforms, including Residential and Commercial Valuation Exchanges and LPA Exchange support key transactions within mortgage lending such as valuation and asset management instructions. EDM MSS’ customers include Nationwide, Virgin Money, Santander, Bank of Ireland, Barclays and Lloyds Banking Group.
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