Mortgage Ezy Sales and Marketing Head, Mick Conyngham is delighted with the wholesale lender’s new online processing system, ApplyOnline.
Compliance has brought about additional obligations and considerably more paperwork for brokers who want to match or surpass their pre-NCCP targets.
To offset this and to achieve significantly greater efficiencies, Mortgage Ezy opted to sign up with leading technology service provider, NextGen.Net, and has just launched the innovative ApplyOnline system to its broker network.
“They’re loving it,” exclaims Conyngham. “We have a close relationship with our brokers and none have found any errors because ApplyOnline has been tested substantially in the marketplace.”
Conyngham says the big advantage with ApplyOnline is that now when brokers lodge electronically, in over 96 percent of cases, an indicative decision on Mortgage Ezy applications can be provided within four hours.
“That level of turnaround time for a broker is invaluable,” he says.
Fast turnaround times are a major boon for brokers and a key element of Mortgage Ezy’s commitment to its brokers. ApplyOnline is therefore a critical tool in Mortgage Ezy’s distribution strategy.
“Fast turnaround is a key deliverable for ApplyOnline,” says NextGen.Net Sales Director, Tony Carn.
“The ApplyOnline document checklist ensures that when data is being lodged to the lender it is complete. The lender, in this case, Mortgage Ezy, has all the information necessary for an assessment of applications.”
Conyngham says the NextGen.Net system “has a lot of smarts”.
“If a broker forgets to do something or if something needs clarification on a paper application form it become time consuming and ultimately costly because it requires us to go back to them with MIR (Missing Information) requests.
“ApplyOnline eliminates the need for MIRs. So it’s vastly increasing our efficiencies,” says Conyngham.
“We provide a complete set of data that Mortgage Ezy requires to assess the loan,” explains Carn. “This means they don’t have to go back to the broker and ask for further information. ApplyOnline ensures they get what they need upfront. It’s a clear tool to ensure that the user is supplying all the necessary information.”
ApplyOnline delivers the most advanced straight-through processing solution available. The service includes integrated supporting document imaging, storage and verification. It is a highly acclaimed tool to pro-actively manage service levels and identify bottlenecks and seamlessly extend internal processing workflow to encompass external service providers.
Mortgage Ezy runs its own internal proprietary system, ‘So Ezy’, and the flawless integration of the ApplyOnline system directly into the lender’s own proprietary system, has impressed Conyngham.
“It allows all those efficiencies of tracking that brokers have enjoyed for many years,” he says.
Stressing that Mortgage Ezy still permits brokers to lodge manually in a paper-based model (“We’re not a prescriptive lender that tells brokers what to do.”) Conyngham says the carrot to brokers still lodging manually is that if they choose to shift to electronic lodgement they will no longer have to send in the original loan application prior to settlement.
Carn is delighted to see Mortgage Ezy join the growing number of lenders that are upgrading their lodgement process from manual to electronic “because faster turnaround times and an emphasis on greater efficiencies will in the long-term serve the whole industry”.