Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Novus launches Pathfinder mortgage simulator to help lenders spot friction points
Novus has launched Pathfinder, a mortgage journey simulator that lets lenders identify potential pain points before committing to new processes. The firm said the government's reforms to home buying, which promote upfront information and Smart Data, have created an opportunity for lenders to update their processes, though some may struggle to determine what to prioritise.
How Pathfinder works
Pathfinder lets lenders simulate how the mortgage journey could be redesigned using their own data, providing a risk-free environment to test partnerships, vendors and a different customer experience. Lenders can replicate their existing mortgage journey and generate a heatmap showing friction points, with the tool measuring their impact on fall-throughs, speed to completion and lost lending opportunities.
The simulator also shows financial and efficiency benefits in real time through a benchmarking system, and provides a detailed roadmap and procurement options to help lenders decide which initiatives to focus on first, based on dependencies and potential value.
What the industry says
Kevin Duncan, Pathfinder product director at Novus Strategy, said Pathfinder gives lenders a pathway they can be confident of investing in because it shows likely outcomes, describing it as a marked change from innovation programmes that relied on analysis and recommendation. He said the entire redesign process can take as little as four weeks, even for a larger lender, and that the industry has more of a configuration problem than a technology problem: lenders do not necessarily need to change vendors or rebuild solutions to make quick gains.
Why it matters for agents and clerks
While Pathfinder is aimed at lenders, the tool's focus on reducing fall-throughs and speeding up time to completion touches on issues that affect the wider home buying and letting chain. Faster, smoother mortgage journeys can influence how quickly tenancies and transactions progress, so developments in lender process reform are worth monitoring for letting agents and inventory clerks.
Novus will be demonstrating Pathfinder at its Digital Disruption Live event at the Everyman Theatre in Manchester on 23 September.
Source: Mortgage Solutions