Member Article

Consultants EDM sign up Nationwide for mortgage risk platform

London-headquartered EDM Group have secured their first major lender on to their digital hub aimed at automating the process by which banks and building societies assess risk for mortgage applications.

Nationwide Building Society will now access EDM’s PRISM, an acronym for Portal for Risk Information Sharing in Mortgages, to inform its decisions and create business lending rules to automate the evaluation of property risk.

Giving lenders access to third-party data, valuation and conveyancing providers, the platform claims to be able to help lenders make decisions in seconds by automating current manual processes which can take days.

Commenting on the benefits of the PRISM system, Graeme Winser, Head of Retail Credit Risk Operations at 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.”

The new platform complements EDM’s outsourced consultancy services to the likes of the HMRC, Legal and General and Barclays, and the firm hopes to confirm more lenders in the new year.

Joe Pepper, Managing Director, EDM MSS, added: “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.”

EDM boasted annual turnover of £70m in 2014/15 and was ranked 43rd in the 2015 Sunday Times Hiscox Tech Track 100 league table.