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|Nationwide Building Society Becomes First Lender to Sign up to EDM Prism|
|Wednesday, 30 November 2016|
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.”
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