Case study Specialist mortgage provider Foundation Home Loans implements Auto Decision Platform by LendingMetrics
Through various guises, Foundation Home Loans has been involved in the mortgage market since the early 2000s, and made the final transition to becoming a lender and servicer in 2015. The specialist mortgage provider offers a range of Buy-to-Let mortgag- es for those ranging from one proper- ty through to a large portfolio. In 2019, Foundation Home Loans expanded their offering to also include residential mortgages. Foundation Home Loans use an inter- mediary business model and 100% of business is derived from brokers who use a sophisticated broker portal to introduce the business. The highly
experienced team specialise in the mortgage market and can cater for those with more complex requirements or circumstances. Choosing LendingMetrics In a specialist and competitive market, a number of factors and components used for credit risk are subject to con- stant changes. Without a solution that allowed for agile changes to the credit risk strategy, Foundation Home Loans were finding that they were too slow to market and any change to the system could take a number of months to be completed. Foundation Home Loans were seeking a new and improved system that was efficient, flexible and quick to change. The specialist nature of their offering also meant that manual
intervention was often a possibility and made for an inefficient process; it was important for Foundation Home Loans to negate the need for any manual pro- cessing or workarounds, which were too risky for the business. Foundation Home Loans approached two credit reference agencies to discuss tendering for a new system, but found that they were either prohibitably expensive, the timescales for imple- mentation were too long, or the system didn’t quite meet their requirements. Having met with LendingMetrics at a conference, Foundation Home Loans felt that LendingMetrics’ Auto Decision Platform (ADP) ticked all of their boxes and the implementation project was swiftly initiated.
14 | Metrics Monthly
November 2020 | AU Edition
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