Faster turnaround times on the cards as brokers and lenders embrace new technology

by AB30 Apr 2013

There is a fast-moving industry shift towards faster turnaround times and more efficient use of resources in loan processing, according to NextGen.Net sales director, Tony Carn, who says three out of four major banks have upgraded to the company's ApplyOnline+ program.

 “2013 will see ApplyOnline firmly entrenched as the standard for e-lodgement, because everyone, lenders and brokers alike, are fast recognising processing efficiencies are critical and need to be incorporated in their processes.”

Westpac general manager, mortgage broker distribution, Tony MacRae, says there are two key trends driving the discernible tendency among lenders to upgrade to ApplyOnline+: customer demand and technology, specifically mobility on smart phones and tablets, which have changed customer behaviour about online tools and resources.”

“Customers are more in control and literally banking at the ‘speed of life’, meaning they are interacting with information and making consumer decisions right now in real time,” says MacRae.

“This has led to direct improvements with platform technology. So we can do things simpler and be flexible, customers all-round want us to be easier to deal with and to keep up with demand by having greater efficiencies in processing – ultimately making loan processing easier for our broker partners and their clients.”

The provision for providing dynamic supporting checklists and credit policy tools for brokers is a standout feature of ApplyOnline+, says Carn, allowing the assessment metrics used by Westpac and other lenders to identify any potential issues with data entry likely to require a request for new information and reworks.

Carn says these are real problems effecting turnaround times and conversion rates and ultimately leading to inferior customer experience, representing a significant cost to lenders, brokers and borrowers.

ApplyOnline+ enables all lenders to lift straight-through processing, ensuring that a far greater portion of loans are ready for assessment at the time of lodgement and radically reducing rework rates.

“Westpac along with other leading banks upgrading to ApplyOnline+ means that the majority of loans now being processed electronically can benefit from the features of ApplyOnline+ ensuring that loan applications align with lender policy at the point of sale and avoiding delays and reworks,” says Carn.

 

COMMENTS

  • by oldBroker 30/04/2013 11:13:46 AM

    NextGen is a monopoly and is thus harmful to the entire industry. All us brokers are paying top dollar for the use of ApplyOnline and there is nothing we can do about it. You think you are getting NextGen free from your aggregator? Think again. It's an insidious cost which hurts us all.