Foundation Home Loans has appointed EDM Group will 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, allows this process to be made quicker online, enabling lenders to access third party data and make business decisions around the suitability of properties immediately. It reduces the time required to make an accurate lending decision from weeks to seconds.
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 (pictured), managing director, EDM Mortgage Support Services, added: “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.”