NextGen.Net has upgraded its ApplyOnline system in an effort to provide address lookup and verification using the Geocoded National Address File (G-NAF).
Connective principal, Glenn Lees, says around 6,000 loan applications are processed by Connective brokers each month and that the new system is a significant improvement.
“On each loan application there is at least one address that has to be entered, probably closer to three or four if you include solicitors and so on. This may seem like a minor matter, but thousands upon thousands of dollars ride on getting every bit of data correct the first time. This feature will bring to an end transcription and communication errors, and the predictive text will greatly reduce unnecessary key strokes,” he says.
NextGen.Net says the new ApplyOnline Address Editor is a ‘cost and time-saving feature’ that adds an additional level of sophistication and assurance to the processing system.
G-NAF lists all valid physical addresses in the country and contains approximately 12.6m addresses, each linked to its unique geocode (the specific latitude and longitude of the address). Data used to build G-NAF comes from contributors that include the Australian Electoral Commission, Australia Post, and state, territory and Australian Government mapping agencies and land registries.
All addresses used within an application (whether entered in ApplyOnline or passed from broker CRM systems) can be verified against the database for accuracy. The validity of each address is passed on electronically to lenders.
When entering or editing an address in ApplyOnline, a ‘Verify Address’ option is shown, which
will perform a lookup against the G-NAF data and confirm the validity of the address. The verification process also determines, and makes available on screen, the geocoding and legal parcel information for all valid addresses. Additionally, in a single click you can view the property on Google Maps or Street View.
“Incorrect address information remains a significant driver of reworks and is renowned for slowing down approval and settlement processes,” says NextGen.Net sales director, Tony Carn. “This is because an incorrect address can stall and complicate the valuation process, credit checks, and the issuance of mortgage documents. Having something as simple as the new ApplyOnline Address Editor using G-NAF can drive substantial efficiencies.”
Frustrated lenders advise that applications are regularly reworked due to inaccuracies in the addresses provided. Referring to the problem as ‘a stone in the shoe of lenders’.
“Don’t discount the importance of this deceptively minor feature. It takes out the capacity for error in many areas and makes the process less susceptible to going off the rails, which is vitally important when we’re talking big numbers,” says Lee.