finova has announced that its decisioning engine, Optimo, has been adopted by Legal & General Home Finance to power its later life mortgage products.

The Optimo tool helps lenders deliver smarter pricing outcomes for their customers.

finova, a cloud-based mortgage and savings software provider, said that L&G Home Finance can now determine the price on each application, and even test pricing for new product lines without changing its underlying technology stack. The firm will also be able to set bespoke rates based on the information that an applicant shares.

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.

“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,” product director at finova, Rowan Clayton, commented.

“To that end, we’re thrilled to be sharing our decisioning engine Optimo with L&G 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, L&G’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.”

Chief technology officer at L&G Home Finance, Cheryl Hinton, added: “The lifetime mortgage market has evolved significantly over the years, and at L&G 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.”

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