Mortgage provider Foundation Home Loans is moving its underwriting technology to LendingMetrics’ ADP automated platform.
The buy-to-let and residential lender has gone live on an automated affordability calculator as the first step in transitioning its underwriting to ADP. Its selection of the platform – which came after a tendering process that included two major credit reference agencies – was based on LM’s ability to deliver a best-in-class automated solution swiftly and cost effectively.
Foundation particularly liked ADP’s flexibility and quick-to-change capability that avoided the need for manual processing or workarounds. The lender, which believes the technology will ensure it remains agile in the highly competitive mortgage marketplace, sees this as the start of a journey to migrate its entire decision tree, including third-party integrations.
LendingMetrics was able to build and deliver the User Acceptance Testing (UAT) environment within a short timeframe. And, through a combination of IT testing, front-end credit risk testing and bulk testing via third party consultants Vestigo, Foundation felt confident that the solution was fully integrated with its production environment.
David Wylie, Commercial Director of LendingMetrics, said: ‘Foundation Home Loans was keen to find technology that would automate its underwriting process and take lending to a new level of efficiency. It now has in place a future-proofed system that allows for ongoing decisioning changes and new third-party data suppliers. We’re delighted to be working with Foundation Home Loans and it has been particularly interesting to implement such a complex affordability strategy.’
Robert Lawlor, Head of Credit Risk at Foundation Home Loans, said: ‘We love ADP and have never had any doubts about the product. This is no longer about regulatory requirements – we see ADP as a way of being more competitive in the specialist mortgage market.’