Mortgage technology provider, Finova, has launched a new brand identity following its recent merger with residential origination platform, MSO.
Iress sold its UK mortgage sales and originations (MSO) business to Bain Capital last year, which also secured a majority investment in Finova.
The two businesses will now operate under a single unified brand - Finova - and will continue to support more than 60 banks, building societies, specialist lenders and equity release providers, as well as over 550 brokerages across the UK. Finova offers an end-to-end suite of digital solutions spanning mortgage origination, servicing, savings and CRM software.
As part of the rebrand, Finova has consolidated and refreshed its product suite.
For brokers, Broker CRM continues to provide a dedicated CRM platform and Broker Payments, formerly finova Mortgage and Payment Services, remains Finova’s solution for managing payment flows between lenders and brokers.
For lenders, Finova Lending now serves as the umbrella for its mortgage origination platform, offering two options; its whole-market lending solution (formerly Apprivo), and MSO.
Decisioning (formerly Optimo) offers adaptable decisioning tools that help lenders assess risk, adjust product parameters, and streamline processing. It is available fully integrated into Finova Lending or as a stand-alone solution that can integrate with other origination systems - even those that compete with Finova Lending.
Finova’s existing products for lenders - Savings, Servicing, and Intermediary Manager - retain their names and remain core parts of the Finova suite.
Finova’s technology now powers one in five UK mortgages. The business currently supports almost half of the top 50 residential mortgage lenders, including Yorkshire Building Society, Coventry Building Society, and Metro Bank, representing £39.6 billion in residential lending volumes.
In the equity release sector, Finova powers eight of the UK’s providers, including Legal & General, Aviva, more2life, OneFamily, LV=, Standard Life, Prudential, and Responsible Lending. This accounts for an estimated 70% of equity release lending activity nationwide.
Paraag Davé, executive chair of Finova, commented: “This is a new era and defining moment for Finova, following a year of significant transformation for the business. Our rebrand reflects our scale, momentum and ambition to continue powering the future of mortgage and savings technology.
“The combination of Finova and MSO creates an unparalleled platform offering modern, cloud-native solutions to lenders of all sizes. With over £50 billion in lending now flowing through our platforms each year, we are proud to sit at the heart of the UK mortgage industry’s digital evolution.”
