Resimac has experienced massive volume growth over the past 12 months.
“We’ve had a surge in home loan applications, which is testament to our competitive offering across both prime and specialist loans,” says the leading non-bank lender’s Head of Product and Commercial Operations, Chris Paterson.
Paterson notes that simultaneously he attributes the growth to an equally significant factor, a dramatic digital transformation.
“We recognise that if we want to be a dominant alternative lender to the major banks, we need to be on point with our digital functionality,” he says.
A key element in Resimac’s growth trajectory is the dramatic increase in the volume of loans it processes through NextGen.Net’s ApplyOnline platform.
“The ApplyOnline solution has enabled us to better manage our growth by improving our application form at the point of submission as well as expediting the capture of better data,” says Paterson. He adds that “the ApplyOnline ‘Supporting Documents’ service, which we went live with in May, helps to ensure that brokers can achieve accuracy at point of sale”.
Resimac’s aim is to progress an application from submission to credit decision as quickly as possible to enable brokers to focus on their next customers.
“The Supporting Documentsservice clearly notates the requirements needed for assessment, and implementing this service has aligned us with others in the market. The submission process will continue to evolve throughout the next 12 months,” says Paterson.
Resimac, an early adopter of ApplyOnline in 2010, offers true prime and specialist home loans. Its diverse funding sources give the lender the flexibility to provide solutions for a broad range of customer situations.
“Their diverse global wholesale funding program ensured they were still able to deliver during COVID,” says NextGen. Net Customer Account Manager Steven Hudson.
“Where other non-bank lenders’ volumes decreased during COVID, Resimac maintained their presence. They continued to stay in the market to deliver opportunities to their broker groups, writing significant volumes, whereas most others dropped off.”
Resimac is investing heavily into ensuring that brokers have the right products and services to serve their customers and run their businesses effectively.
“We wouldn’t have the growth we have today if it wasn’t for brokers and aggregators.
“NextGen.Net’s relationship with aggregators and brokers complements and supports this by helping to deliver a quality experience,” says Paterson.
NextGen.Net has helped support Resimac’s growth in many ways. Importantly, says Paterson, it has facilitated the consolidation of internal processes, resulting in cost reductions, and it has assisted in generating and sustaining a good broker and customer experience throughout the whole submission process.
“The interfacing with aggregator CRMs and the validation requirements at the point of submission has also allowed the scale. This is a continual work in progress, and NextGen.Net’s support has helped greatly with this,” Paterson continues.
Resimac’s uptake of ‘Supporting Docs’ has enabled the lender to scale internally and deliver better service levels because the documentation is verified, validated, uploaded and attached to the application when it comes through.
Hudson points to the complimentary metrics comparison report NextGen.Net provides to its clients as one of the strategically significant services Resimac avails itself of.
“We provide them with a metrics assessment report on a monthly basis that looks at six defined APRA scenarios,” he says.
“We provide insights into maximum loan amounts, assessment rates and living expenses across the market. This month’s report revealed that Resimac was highly competitive with investment loans. That’s a potentially critical piece of data.
“Knowing how their product is ranked and rated helps them to determine policy and pricing.”
Resimac’s strong commitment to the broker channel is demonstrated by its uptake of enhanced tools such as the Supporting Documents service.
“The third party channel continues to be a major part of Resimac’s growth,” says Paterson. “We are committed to providing brokers with the best available tools to submit applications to lenders, and ApplyOnline is one of those tools.
“NextGen.Net’s relationship with aggregators and brokers provides them with the insight necessary to continue improving and enhancing ApplyOnline, and we have seen the benefits of those insights already.
“As we continue rolling out our digital transformation, additional automation, digitisation and AI will be introduced to streamline the overall process further and expand our digital capabilities.”