The Mortgage Works is developing new technology in partnership with EDM Mortgage Support Solutions ahead of the Prudential Regulation Authority’s landlord underwriting standards changes in September.
The intermediary-only arm of Nationwide Building Society is creating the solution with EDM MSS to allow brokers to upload portfolio property details directly into the platform.
The details will then be validated via the EDM MSS’ PRISM (Portal for Risk Information Sharing in Mortgages) platform and allow for the results to be sent to TMW’s dedicated team of portfolio underwriters for assessment, significantly simplifying the underwriting process.
PRISM is an EDM-hosted digital hub that “brings manual processes online, enabling lenders to access third party data and make business decisions around the suitability of properties immediately”, according to the lender.
Nationwide head of property risk, operations and strategy Rob Stevens says: “Ahead of the PRA’s changes to portfolio landlord underwriting standards, TMW has confirmed its commitment to supporting portfolio landlords – our partnership with EDM MSS and the extension of the PRISM solution testifies to our commitment to all stakeholders in the sector.
“We’ve worked closely with EDM to give brokers a choice around how to submit portfolio property details. They can key the details directly into the platform, or collect the information offline using a dedicated TMW form, which can be uploaded into the platform to populate the information required. The PRISM solution will then validate this information and pass the results to our underwriters for assessment, reducing the time it takes for us to reach a lending decision.”