Vernon Building Society taps FintechOS for mortgage overhaul

Vernon Building Society has selected FintechOS to provide a new mortgage platform covering the full lending lifecycle.

The move is part of the mutual’s effort to improve mortgage processing for brokers, borrowers and staff while keeping its existing core banking infrastructure in place.

The platform is intended to support mortgage origination from initial enquiry and Decision in Principle through application, underwriting, offer, completions, product switches and further advances. Rather than replacing the society’s core systems, it will sit above them as a single layer for product pricing and origination.

That approach reflects a broader challenge across financial services. Although institutions are increasing technology spending, most of their budgets still go towards maintaining existing systems. For lenders, that often leaves limited scope to modernise customer-facing mortgage processes without taking on the cost of replacing core platforms.

In the UK mortgage market, building societies have been increasing their share of lending. Industry figures cited by the companies show the sector accounted for 32% of all UK net mortgage lending in the first half of 2025, with total mortgage balances reaching GBP £493 billion and total assets of about GBP £677 billion.

The investment is part of Vernon’s wider effort to modernise its lending operation as it seeks to expand service without disrupting day-to-day activity. The lender grew its mortgage book by 4.6% to GBP £439.5 million in 2025, while total assets rose 5.4% to GBP £534 million.

Process overhaul

FintechOS said its latest platform brings together decision workflows, compliance rules, and product configuration in a single system. Vernon’s teams will be able to design and launch mortgage propositions through configuration tools rather than relying entirely on technical change programmes.

The system also combines product and pricing governance with origination execution, allowing the building society to adjust business rules, eligibility criteria, and offer logic within a governed layer that supports version control and audit trails.

For brokers, the platform includes a dedicated portal for registration, application submission, case tracking and lending updates. The aim is to replace manual coordination across several systems with a single process that provides a clearer view of case progress.

Borrowers are expected to see a shorter route from application to offer, particularly in remortgage and purchase cases where document handling and multiple review stages can slow the process. Internal teams are also expected to spend less time on repetitive administrative tasks and more on customer service and lending decisions.

AI tools

Alongside workflow changes, the platform includes AI-based document ingestion and data extraction for mortgage processing. It is designed to capture and validate information from supporting documents and route exceptions for manual review.

FintechOS said its AI assistant, FintechOS Dex, provides in-context guidance across the product lifecycle. It is intended to help staff navigate cases, locate information and use generative AI within controlled workflows, while leaving accountability with employees.

“A common misconception is that financial institutions have an AI problem; in reality, their challenge is largely an operationalisation one. We built FintechOS 8 around a simple premise: AI in financial services only works when it is grounded in real product data, real workflows and real governance. This release makes data and AI operational for financial institutions, not experimental,” Teo Blidarus, Chief Executive and Founder of FintechOS, said.

The deal comes as FintechOS seeks to position its latest software generation as a way for banks, insurers and mutual lenders to update customer-facing products without replacing legacy technology estates. It says it works with more than 60 customers across North America, Europe and Asia-Pacific, serving more than 25 million end customers and supporting over USD $100 billion in assets under management.

For Vernon, the project is tied to a strategy of combining established banking systems with newer digital processes in mortgage lending. The building society is based in Greater Manchester and Cheshire and also serves borrowers across England and Wales in specialist and bespoke mortgage segments.

“This is an important step forward for the Vernon. Our partnership with FintechOS gives us a modern, flexible mortgage platform that will significantly improve the experience for our members, brokers and colleagues. It allows us to combine the stability of our core banking systems with the innovation needed to support future growth. Most importantly, it helps ensure we continue to provide great service, quicker human decision making and a more transparent mortgage journey, while remaining true to our mutual purpose,” said Darren Ditchburn, Chief Executive of Vernon Building Society.