Finova, the cloud-based mortgages and savings software provider, has announced its new product switch functionality within its cloud-first origination platform, Apprivo2.

Apprivo2 supports lenders with digital customer onboarding and facilitates complex affordability modelling for lenders. As a configurable SaaS banking originations platform, it is designed for lenders operating a multi-sales channel model.

The new retention offering is designed to facilitate the whole product switch journey. It gives control to the existing borrower to switch their product. The journey is almost entirely automated which also and reduces lenders team’s requirement to support the journey.

To access the new portal the borrower is required to provide some personal details to verify their identity, they can then choose a new product and switch on a date of their choice. All legally required declarations such as the offer acceptance are included in the journey and responses are stored in the system for audit purposes. In addition, all documentation such as the ESIS are automatically generated by the system and downloadable. Borrowers also have the option to pay any product fees upfront and make the payment or add it to their overall loan amount.

Andrew Mckenzie, product manager at finova, said: “Retention is undoubtedly a key focus for many lenders this year due to increasing economic pressures and rising rates taking their toll on the entire mortgage market. As many as 1.8 million fixed-rate mortgages are scheduled to end in 2023, presenting a real opportunity for lenders to bolster their bottom lines. Our new retention offering should help plug this gap, and is designed to facilitate the complete product switch journey to help lenders run more seamless operations all while retaining client attention.

“On top of this, we’re excited to see Apprivo2 evolve into this new function area as we continue to help mortgage lenders overcome many of the challenges our sector faces today. Providing our clients an offering that not only benefits their customers but retains them with limited operational costs is a win-win.”