Finova’s decisioning engine, Optimo, has been adopted by Legal & General Home Finance to power its later-life mortgage products.
By integrating Optimo, Legal & General Home Finance has introduced a new tailored approach to lifetime mortgage pricing which is capable of taking account of all the information the customer provides. With Optimo, Legal & General Home Finance can determine the price on each application, and even test pricing for new product lines without changing its underlying technology stack.
Optimo allows Legal & General Home Finance to set bespoke rates based on the information the applicant shares. Finova’s tool combines scorecards and pricing into one decisioning product, reducing the application decision time.
Built using finova’s Apprivo technology, Optimo is a fully configurable Software as a Service (SaaS) tool that can be integrated with any existing originations system as part of a wider microservices architecture.
Rowan Clayton, product director at finova, said: “At finova, we’re always thinking about how our tools can tackle the speed bumps getting in the way of lenders’ daily tasks, and how we can improve the journey for their customers.
“To that end, we’re thrilled to be sharing our decisioning engine Optimo with Legal & General Home Finance, who can now lean on our technology when it comes to making rapid decisions about risk, liability, or affordability, for their customers. With Optimo, Legal & General’s customers can access personalised and fair rates on the market, and crucially, the lender can service borrowers quickly and fairly as the lending price war intensifies.”
Cheryl Hinton, chief technology officer at Legal & General Home Finance, added: “The lifetime mortgage market has evolved significantly over the years, and at Legal & General Home Finance, we’re always innovating to meet changing customer needs.
“That’s why we’re delighted to adopt finova’s flexible Optimo system to help power faster and more tailored pricing decisions, to give borrowers value for money by offering them the best rate for their specific circumstances.”