"We’re delighted to adopt finova’s flexible Optimo system to help power faster and more tailored pricing decisions"
- Cheryl Hinton, chief technology officer at L&G Home Finance
Legal & General Home Finance has adopted finova's Optimo decisioning engine to power its later life mortgage products.
L&G Home Finance has integrated Optimo to help deliver a new tailored approach to lifetime mortgage pricing which takes into account of all the information the customer provides to determine the price on each application. It can also test pricing for new product lines without changing its underlying technology stack.
Optimo’s system allows L&G 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.
The tool can draw upon data to adjust rates and fees based on real-time market activity and its ‘always on’ pricing approach also reduces the impact of last-minute price changes on brokers, thereby safeguarding clients and their mortgage applications.
Rowan Clayton, product director at finova, commented: “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.”
