Teachers’ Mutual Bank (TMB) has reported a 25% rise in monthly submissions – results which the non-major partially attributes to the use of an advanced workflow module from lending-focused tech service provider NextGen.Net.
“Even with that 25% increase in submissions, the average turnaround is only 48 hours because behind the scenes our system and resources are set up to cope well with the added demand,” said TMB national manager of third party distribution, Mark Middleton.
The updated solution has ensured successful service levels for everyone in the chain at a time when brokers have come to expect lengthy loan approval times from some lenders.
“Fortunately, we thought long-term and invested in our system and took on more of NextGen.Net’s offer, extending it from the initial electronic lodgement component to their ‘Workflow’ module,” Middleton said.
“This takes the application from initial lodgement to our credit assessors, who no longer have to manually enter a swag of information into our loan submission system in order to assess the deal.”
Instead, assessors are given live data from the broker, through which they can then assess the validity of the application.
“Some banks will do it differently but we’ve adopted that way to make it seamless from the broker to ourselves,” Middleton told Australian Broker
“Our big piece is that our assessors actually assess the application on the information that’s been provided to them from the broker – and that includes reading their notes.”
The bank’s personal touch is that the team of assessors will personally look at every single deal, he added.
With more than 2,000 accredited brokers using this NextGen capability, Middleton said that TMB has yet to receive any negative feedback about the platform.
“We’ve had absolutely no issues. Our brokers are positive with the experience and the way that they’re dealing with us to date.”
Middleton concluded, saying that the decision to work with NextGen.Net is part of an ongoing plan by TMB to enhance its overall experience.
“It is an investment that this organisation is making to ensure that the experience of a broker utilising our products and our services is an excellent one.”
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