Bank reports that the ApplyOnline Supporting Documents
service is slashing turnaround times by 30 per cent.
That’s just the beginning, maintains NextGen.Net Sales Director, Tony Carn.
Carn suggests that the ability to further slash turn around times is inevitable as brokers discover the power of uploading their supporting documents online.
“In recent weeks, I’ve spoken with a lot of brokers at workshops and training sessions with lenders offering the Supporting Documents service. The feedback from brokers has been overwhelmingly positive. Faster turnaround times have been a consistent message, as well as the confidence that brokers and their customers can enjoy by way of more predictable outcomes regarding approval time and avoiding requests for more information,” he says.
“Brokers will find that investing time upfront familiarising themselves with the Supporting Documents service will bring about vastly improved turnarounds and drive down reworks in even their second and third experience and improvements will continue from there on.”
“Based on the responses from brokers in recent weeks, it has been a credit to those lenders who have led the industry in offering the supporting docs functionality. A common question has been, when will other lenders be offering the functionality to them, and it is great to share that key lenders including Homeside, Citibank
, will also be offering Supporting Documents service in the coming months.
MoneyQuest Home Loans South Australia-based broker, Damian Harrison was so impressed with his experience with the ApplyOnline Supporting Documents
service he contacted St George
Bank (BankSA) and offered a testimonial.
“Since I have been using supporting docs I’ve been achieving much faster turnaround times,” he said. “The last deal was lodged and assessed in two hours. Approval took 24 hours because I’d requested an exception to policy. The deal prior to that was approved in principle in two hours.”
Harrison estimates that pre the Supporting Documents service these transactions would have taken 48 and 24 hours respectively.
“My customers think I’m terrific because I can get a loan approved on the same day,” he chuckles.
Reworks have rarely been an issue for Harrison because, as he says, he is fastidious about application lodgements and aims for them all to be “one-touch approvals”.
“Having said that, there was one instance recently where I was asked for more information. I submitted it through Supporting Documents service and it was picked up very quickly,” he says.
Harrison says the contribution that the Supporting Documents service has made to his efficiency and standing with borrowers has been immeasurable.
“It has sped up the application process dramatically,” he says.
“Waiting for approval is a stressful time for clients and the longer it takes the more nervous they get. So to have an answer the same day is fantastic.
“I was thrilled when it first happened,” he says. “I recognised the voice of the lady from BankSA and assumed it was about a different deal. When she said she was calling about the deal I’d only just lodged that day I was blown away.”
The ApplyOnline Supporting Documents
service has been declared a “game-changer” because it provides a collaborative tool through which brokers can work with lenders to get supporting document requirements right first go,” says Carn.
“Significantly, it manages the quality of the supporting documents at the point of submission rather than retrospectively after a loan application has been lodged.”
The now widely heralded service provides clarity of lender policy requirements at point of sale and ensures transmission of documents (that is no size limitations or dropping out of transmission).
“The reduction in turnarounds is exactly what we expected,” says Carn.