Progress Corticon technology enables instant risk evaluation and loan decisions in seconds as opposed to days
Progress (NASDAQ: PRGS) today announced that EDM Group, a leading provider of digital mailroom services and digital transformation, has selected Progress®Corticon® as the embedded business rules engine for its Mortgage Support Services’ Property Risk Hub, PRISM. Its capabilities enable the automation of the property risk evaluation process, a key functionality of the application, resulting in a mortgage decision in principle on both the consumer and property being possible in seconds.
“EDM Group has enabled lenders to stay competitive by embracing the latest technologies to speed up their decision-making processes. Today, PRISM empowers lenders to carry out a decision in principle in 30 seconds, available 24×7 across all sales channels. This significantly reduces the number of properties needing manual valuation, saving thousands of pounds a day and taking potentially a week out of the mortgage application process,” said Spencer Wyer, Global CTO, EDM Group. “Progress Corticon business rules engine plays an integral role in PRISM, providing the necessary functionality, scalability and ease of use necessary to navigate the complex rules and regulations required in these mortgage-related processes.”
A key feature of PRISM is its ability to provide exhaustive information around property risk decisions and an associated audit trail. The embedded functionality of Progress Corticon business rules engine enables lenders to formulate business lending rules into an automated process through access to public third-party data sources, including automated valuation and environmental risk data. As a result, lenders can assess a property risk within seconds, without the need for a physical visit to the property in many cases.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
EDM Group’s customer, Nationwide Building Society, the UK’s second largest mortgage lender, is the first organization to have deployed PRISM to enhance its performance and processes.
Easy to use, powerful and accurate, Progress Corticon business rules engine complements existing business applications by automating sophisticated decision-making processes. Its intuitive interface and spreadsheet-style modeling tools empower business users to create, improve, collaborate on, and maintain decision logic without the need for programming skills. The solution supports every part of the modeling process, from initial capture of business requirements, to testing the decision against organizational data. With minimized integration effort and custom coding, Progress Corticon business rules engine enables business and IT users to execute decisions faster and reliably while being more productive and efficient.
“EDM Group’s approach clearly demonstrates the value that Progress brings to solutions with complex decision-making at their core. With the embedded capabilities of Progress Corticon business rules engine, EDM can build, manage and change the rules governing the complex decision-making at the heart of the platform with speed and ease. They have a powerful and agile tool by their side to help them stand out among the competition and deliver excellent customer service,” said Mark Armstrong, VP and MD EMEA and APJ, Progress.