Mortgage technology provider, finova, has launched a new, purpose-built decisioning engine called Optimo.

The system allows lenders to calculate personalised decisions based on an applicant’s personal, medical, financial, and property information. The tool integrates affordability models, scorecards, and pricing into one decisioning product.

Finova claims that as a result, Optimo reduces a product’s speed to market from an average of seven to 10 days to a matter of hours.

Built using finova’s Apprivo2 technology, Optimo is a fully configurable Software as a Service (SaaS) tool and slots into any existing originations system. Optimo evaluates affordability on a case-by-case, considering multiple factors.

Chris Little, chief revenue officer at finova, said: “Whenever a customer applies for a mortgage or a loan, the lender must make several rapid decisions about risk, liability, and affordability. In the past, lenders have shouldered significant risks when using traditional rate models, and this has sometimes led to financial losses and dissatisfied customers.

“Optimo, our new decisioning engine, is designed to revolutionise the process, protecting our lender partners from risk while ensuring borrowers can access the most personalised and fair rates on the market. In a fast-moving environment, innovative tech like Optimo is key to ensuring financial institutions can service customers quickly and fairly – and finova is leading the charge.”

Rowan Clayton, product director at finova, added: “At a time when rates are shifting and changing faster than many legacy systems can manage, Optimo offers a seamless SaaS solution that works out of the box and can slot into a lender’s existing originations systems with ease. Built on the foundation of Apprivo2, Optimo powers faster and more tailored decisions.

“Our hope is that the days of sluggish product launches and ‘one-size-fits-all’ products are over and that lenders who integrate Optimo can evolve their offerings with dynamic risk pricing and data-rich affordability models that not only reduce their risk but also enable them to underwrite loans for an even wider range of customers.”