Suffolk Building Society selects finova to power mortgage offering

By Gloria Methri

finova, the cloud-based mortgage and savings software provider, has announced that its Apprivo mortgage originations platform is being rolled out by Suffolk Building Society.

By integrating Apprivo, finova will support Suffolk Building Society’s digital strategy to invest in front-end mortgage origination. The partnership will facilitate mortgage origination across multiple lending types, including residential, ex pat, buy-to-let and self-build.

Suffolk Building Society selected finova’s Apprivo originations banking platform to deliver a smoother and faster broker and lender experience. With a selected broker network, the Society successfully launched a trial of Apprivo for residential mortgage customers late last year.

This test group has helped the Society undertake a period of quality assurance, allowing it to benefit from user feedback. A further release is underway, enabling all Society brokers to use Apprivo for residential mortgage applications. The next launch phase will deliver all the Society’s products on Apprivo.

Designed to meet the individual needs of lenders, Apprivo, which is the only “cloud-first” SaaS banking originations product in the UK, leverages various interfaces, including to credit reference agencies such as Transunion, for credit scoring rules. Suffolk Building Society’s growth strategy will be supported by Apprivo’s agile case management dashboards and risk assessment hubs, providing automated case management whilst retaining the Society’s bespoke underwriting offering.

Apprivo’s customisable interface enables Suffolk Building Society to add different modules to the tool as needed. The streamlined originations platform can plug into various APIs, including credit assessment, electronic ID & V, AVM, digital signatures, and payment gateways. As a result, brokers will enjoy an intuitive and automated digital experience when working with the lender, all accessed through a top-of-the-line user interface.

Richard Marsh, Chief Operating Officer at finova said, “It’s a pleasure to partner with Suffolk Building Society, one of the most respected and innovative lenders in the market. Apprivo will deliver a cutting-edge experience for Suffolk Building Society’s intermediary clients while streamlining operational efficiencies. We are looking forward to building on this success with Suffolk Building Society, offering a quality service to brokers and end customers alike.”

Rebecca Newman, Chief Operating Officer at Suffolk Building Society, added, “finova is a well-established innovator in mortgage technology. Apprivo is an exciting product which will support our core lending offering and allow the Society to grow and maximise efficiencies. The initial trial launch was a success, and we are keen to build on this momentum so that our broker partners can benefit from its top-flight case management dashboards and risk assessment hubs. This partnership will ensure Suffolk Building Society continues to deliver a fantastic service in the years to come.”