Suffolk Building Society taps Finova to power mortgage offering
Suffolk Building Society has selected the Apprivo originations banking platform from UK-based fintech Finova, formerly DPR, for front-end mortgage origination.
Suffolk Building Society taps Finova for Apprivo solution
The Software-as-a-Service (SaaS) solution utilises automated property valuation data from Hometrack and credit data provided by Experience in its credit scoring, and is further supported by an API-enabled “customisable interface” featuring case management dashboards and risk assessment hubs.
The integration follows “a period of quality assurance” conducted by Suffolk Building Society late last year, which saw Apprivo trialled among its residential mortgage customers.
The mutual adds that “a further release to brokers is underway”, with a full roll-out to enable mortgage origination across “multiple lending types, including residential, ex pat, buy-to-let and self-build”.
Speaking on the partnership, Rebecca Newman, COO at Suffolk Building Society, says Apprivo will “support our core lending offering” and allow it to “grow and maximise efficiencies”.
Suffolk Building Society was founded in 1849, and of its 60,000 members, currently serves 4,500 with mortgage accounts, which extend to first-time buyers, buy-to-let and mortgage options for the self-employed, among others.
In comparison to its lending segment, the mutual currently serves over 69,000 savings accounts, and tapped London-based fintech ieDigital last year to create a new eSavings platform powered by the firm’s Interact software.
