London, 22 March 2018 – The commercial lending team within Yorkshire Building Society (‘Yorkshire BS’), a leading mortgage lender and retail savings provider, has become the latest UK customers to sign up to EDM Mortgage Support Services’ Commercial VEX product. Yorkshire BS joins institutions such as Barclays, Santander and One Savings Bank as clients of Commercial VEX.
EDM MSS Commercial VEX enables lenders to distribute work to and receive work from qualified surveyors. Based on a single, centralised platform that allows commercial surveying businesses to communicate efficiently with their surveyor panels and allocate valuations to the most appropriate surveyor, EDM MSS Commercial VEX has established a process that clearly demonstrates that the surveyor allocated to a valuation has relevant experience and knowledge.
The product not only provides a fully transparent, centralised platform for all stakeholders in the commercial valuation chain but significantly cuts down the time and administration required to fulfil successful transactions.
Yorkshire BS is the second largest building society in the UK, with assets of £42bn and more than 3m customers.
Phil Green, Head of Commercial Lending at Yorkshire Building Society, commented: “The success of our commercial lending business relies on making the right decisions using accurate and timely information from third parties. With the commercial valuation process now available on a single platform, our team can gain an overview of activity while still being able to audit any individual case. Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce to support growth in lending. .”
Ian Shaw, Business Development Director, EDM Mortgage Support Services, commented: “EDM Commercial Valuation Exchange is designed to meet the different challenges faced by commercial lenders who are operating with leaner teams and need to work as efficiently as possible. Working closely with Yorkshire Building Society, our platform gives them the oversight of the whole commercial valuations process and full control of individual tasks. It’s a one stop shop for end-to-end commercial valuation risk and process management and complements our well-established residential valuation exchange platform used extensively by lenders across the UK.”
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 click here.
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.
About Yorkshire Building Society: Yorkshire Building Society has assets of £42.0 billion and has more than 3 million customers. The YBS Group includes Yorkshire Building Society and its brands Chelsea Building Society and Norwich & Peterborough Building Society, and its subsidiary companies including Accord Mortgages Limited. For more information on Yorkshire Building Society visit www.ybs.co.uk
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