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|EDM Mortgage Support Services upgrades Santander platform with game-changing technology|
|Monday, 05 September 2016|
EDM Mortgage Support Services’ (MSS) has installed a pioneering upgrade to its Valuation Exchange (VEX) platform used by leading mortgage lender Santander.
The upgrade uses a new generation of functionality that increases the extent to which mortgage industry and lender processes can be automated from the current 25% up to 75%. The upgrade is initially being applied to Commercial VEX platform used by Santander, but can be spread to similar Commercial, Residential and Buy-to-Let VEX platforms used by lenders such as Barclays Bank and One Savings Bank.
Joe Pepper, Managing Director, EDM MSS, commented: “This new generation of functionality represents a major step forward in bringing the UK mortgage industry up to date, moving historically manual processes onto digital, online fit-for-purpose technology.
“Going forward both lenders and the various mortgage professionals, including brokers, who support the UK mortgage chain will start to see key processes brought online, making the process faster, safer and more transparent for all parties, including the customer.”
Daniel Woodhouse, Head of Corporate & Commercial Property Risk, Santander, commented: “This enhanced system represents a real step in delivering an effective end-to-end managed process for our customers. Processing mortgage applications quickly with accurate and timely data is a key element of our proposition to customers, and with the valuation process available on a single platform we can monitor the whole process end-to-end and maximise the use of our data in a secure environment.”
Commercial Valuation Exchange (VEX) enables lenders to distribute work to, and receive work from, qualified surveyors. Based on a single, centralised platform, surveying businesses can communicate with their surveyor panels and allocate valuations to the most appropriate surveyor.
The product provides a fully transparent, centralised platform for all stakeholders in the valuation chain and significantly cuts down the time and administration required to fulfill successful transactions.
The new technology being used to upgrade Commercial VEX at Santander is mainly designed to help lenders in five key areas:
· It helps minimise risk by using automated system checks on property portfolios and a full audit trail to help reduce fraud risk;
· It improves financial control with an HMRC-approved self-billing suite;
· It enables real-time case monitoring, tracking the valuation progress via live status updates;
· It provides comprehensive management information, running online reports tailored to users’ requirements; and
· It facilitates full panel management control, enabling users to engage with hundreds of commercial surveying firms using their own panel management rules.
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