EDM Group (EDM) has rebranded its online property data network as EDM Mortgage Support Services after integrating the Valuation Exchange (VEX) and other services into its own cloud-based platform following the acquisition of xit2 in April 2014.
EDM Mortgage Support Services (EDM MSS) has already completed a major software upgrade following the integration of the xit2 platforms and further releases are scheduled over the rest of this year.
EDM MSS enables lenders to exchange data with third parties such as brokers, surveyors, solicitors, estate agents and asset managers. The platforms, including Residential and Commercial VEX and LPA Exchange support key transactions within mortgage lending such as valuation and asset management instructions.
Its customers currently include Nationwide, Virgin Money, Santander, Bank of Ireland, Barclays and Lloyds Banking Group.
Work is now underway to integrate EDM Forms with the VEX and LPA platforms, providing a web-enabled front-end that overcomes historical compatibility issues between different legacy systems and enables users to access information via their mobiles to complete documents. This will be rolled out to existing clients over the next three to six months, the firm said.
Joe Pepper, EDM MSS’ managing director, said: “A key feature of our new service is that it will significantly reduce the cost of entry for new clients. Previously, a service of this sort would require substantial coding, which was only affordable for larger players, now smaller lenders can set up the system much more easily.
“Our core aim is to add value to the mortgage lending market, bringing automation, efficiency and intelligent management of data from third party sources. We are an agnostic technology platform that joins up a largely manual marketplace, enabling lenders to connect with thousands of suppliers. We want to simplify the process that captures all the information in one place and gives access to professionals who need to make decisions.”