Liberty launches market leading IT

by AB13 Aug 2014
Liberty Financial’s reputation for rolling out state-of-the-art technology endures.

For many years Liberty’s patented online and offline application, and approval system, LoanNet, set them ahead of their peers.

“Liberty has always been very invested in IT. We were one of the first lenders in Australia to introduce electronic lodgement. It was B2B, broker to Liberty,” says Liberty National Sales Manager, John Mohnacheff.

“But as more and more aggregators shifted to high level sophisticated systems, we knew it was time for us to do the same.

“That’s why we implemented the NextGen.Net ApplyOnline+ upgrade.”

An evolving market and lenders recognising that the most effective and efficient way to transmit data is via the electronic medium, has dramatically altered expectations and shifted industry goal posts.

“Everyone now realises that the less humans get involved in the process, the better,” laughs Mohnacheff.

“NextGen.Net created a universal portal between lenders and brokers. It’s the way of the future.”

Liberty has a long and proud history with the broking industry, built on service and innovation and technology.

Mohnacheff says the ApplyOnline+ launch received a hearty applause and is consistently getting the thumbs up.

In his words: “the consensus from brokers has been, ‘well done, you’ve just made our lives a lot easier’.”

Liberty’s upgrade to ApplyOnline+ has given the non-bank lender extra assessment metrics and more functionality.

ApplyOnline+ features include dynamic supporting checklists, lender policy up-front and lender assessment metrics. The assessment and servicing metrics used by Liberty allow the broker to identify if a deal is a deal at Point of Sale (POS) and if there are any issues with the loan data.

NextGen.Net Sales Executive, Greg Phillips says: “NextGen.Net has an inherent alignment of values with Liberty because like us they have a focus on innovation. They are looking to reduce reworks, improve customer and broker experience, and make their operation as process-efficient as possible.”

Liberty has also implemented the ApplyOnline Supporting Documents service. This groundbreaking service empowers brokers by clearly identifying supporting document requirements at POS and validating them against lender policy requirements.

ApplyOnline+ users can upload supporting documents to their ApplyOnline application and submit to lenders as one document parcel. This has been acknowledged as an evolutionary step in loan processing efficiencies.

“The Supporting Documents service allows lenders to clearly define what they need at POS from a checklist perspective. It also enables brokers to attach and upload supporting documents at POS. So from the perspective of brokers, they are in control and highly empowered in that process,” explains Phillips.

He chuckles: “You may recall in the dim dark past, brokers would fax or email information to lenders and cross their fingers that it would get there.

“With this application brokers can see what is needed upfront. So for instance, Liberty’s checklist tells brokers exactly what is required and all they have to do is drag and drop that information into ApplyOnline. They can see that it’s been attached and catalogued. Cataloguing (indexing) means Liberty can identify the documents at their end and which applicant it pertains to,” says Phillips.

The end result is a vastly improved broker and customer experience, adds Mohnacheff.

“The more that can be done electronically, the better. That’s what drives Liberty. Keep on innovating NextGen.Net,” he exclaims.

This article is from Australian Broker issue #11.15. Download the issue to read more.