Nationwide Building Society has become the first lender to sign up with EDM Mortgage Support Services’ PRISM solution – which aims to automate the evaluation of property risk.
PRISM – which stands for Portal for Risk Information Sharing in Mortgages – enables lenders to access third-party data and make business decisions around the suitability of property instantly with the lender’s data, valuation and conveyancing providers.
Joe Pepper, managing director, EDM MSS, said: “We believe that PRISM is a step-change improvement in property risk and information management for lenders – an intuitive, technology-led solution designed around their specific needs.
“I’m delighted that Nationwide has become the first lender to take advantage of this functionality and we’ve worked closely with Nationwide’s Property Risk team, led by Graeme Winser and Rob Stevens, over the past 12 months to help ensure that the functionality in PRISM directly meets the acute requirements of UK lenders.
“Managing risk is a crucial part of any lender’s business, and PRISM enables lenders to make decisions based on both past experience and market-sourced data in seconds, reducing the cost of unnecessary valuations and improving the accuracy of property identification.”
Graeme Winser, head of retail credit risk operations at Nationwide, said: “PRISM is a clear leap forwards with regards to risk management and information sharing, and I expect it will have a tangible impact on process, performance and productivity.”