finova, a cloud-based mortgages and savings software provider, has launched a new product switch functionality within its cloud-first origination platform, Apprivo2.
Apprivo2 helps lenders with digital customer onboarding and supports complex affordability modelling for lenders. It is designed for lenders operating a multi-sales channel model.
The new retention offering is designed to facilitate the complete product switch journey. The solution benefits from giving the control to the existing borrower to switch their product effortlessly and securely, giving customers complete control of when they process their change of product.
To access the new portal, the borrower needs to provide some personal details to verify their identity. After this, they can choose a new product and switch on a date of their choice.
All legally required declarations are stored in the system, and all documentation, such as ESIS, are automatically generated in the system and are downloadable.
finova product manager Andrew Mckenzie said, “Retention is undoubtedly a key focus for many lenders this year due to increasing economic pressures and rising rates taking their toll on the entire mortgage market. As many as 1.8 million fixed-rate mortgages are scheduled to end in 2023, presenting a real opportunity for lenders to bolster their bottom lines.
“Our new retention offering should help plug this gap and is designed to facilitate the complete product switch journey to help lenders run more seamless operations all while retaining client attention.”
Earlier in the year, finova teamed up with Loans Warehouse, a second charge mortgage broker, to provide its clients with more loan options.
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