Nationwide Building Society has become the first lender to sign up to EDM Mortgage Support Services’ PRISM solution, with other lenders expected to follow suit in the New Year.
PRISM - which stands for Portal for Risk Information Sharing in Mortgages - is an EDM Group hosted digital hub which brings the current manual process online, enabling lenders to access third-party data and make business decisions around the suitability of property in seconds as opposed to days, and promises to revolutionise the customer journey and experience.
A unique, state-of-the-art solution, PRISM provides lenders with a full repository of information and evidence relating to all property risk lending decisions and an associated audit trail. It allows them to formulate business lending rules into an automated process to evaluate property risk through access to the lender’s selected 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 twelve-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, Nationwide Building Society, said: “Nationwide is focused on delivering the very best service and product suite to our customers and looks to work with suppliers and solutions that help us meet this aspiration. 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.”
PRISM enhances security by restricting access to authorised parties only - it securely hosts all documents and data relating to a loan book making future securitisation a far simpler process. Other product benefits of PRISM include:
• A single point of integration with all data providers, including AVMs
• Information exchange and secure sharing between all parties
• Transparent record of source data and evidence for risk decisions
• Caching of property data without contamination of consumer data
• Tracking and audit of the end to end property risk evaluation process
• Handling of structured and unstructured data with enterprise search technology
• Audited query conversations such as post valuation queries
• Real time performance and integration for Point of Sale and Mobile Apps
• Federated user management gives ability to trust enterprise user credentials
• Platform as a Service with minimal in-house IT overhead
Joe Pepper, Managing Director, EDM MSS, said: “External market challenges are driving the need for smarter technology solutions in the mortgage market. Lenders require flexibility and scalability to successfully meet changing demands as and when they arise. Demand remains high and property prices are buoyant so competition is expected to remain fierce among lenders. EDM PRISM gives lenders competitive advantage by allowing them to give customers a decision around the suitability of a property within seconds.”