NextGen.Net: Transforming the industry through innovation

by AB05 Jun 2014
NextGen.Net is rolling out new revolutionary innovations; delivering on what NextGen.Net Sales Director, Tony Carn, refers to as the optimal “quality framework” to manage loan originations.

The quality framework that underpins the whole mortgage industry is built on the maxim, “getting it right the first time”, Carn says. “Quality is the key to cost. For a lender, this translates as Straight- Through Processing (STP), which means no additional information required.”

In the quest for STP, the industry’s ‘Holy Grail’, the NextGen.Net electronic lodgement service, ApplyOnline, has the lead role. Its support cast are complementary components designed to enhance the service, and bring brokers, lenders and customers closer to the ultimate quality experience.

“Our primary focus is on attaining quality through innovation,” says Carn.

Last year NextGen.Net announced a roadmap to realise its goal of a quality framework. Four critical elements were identified: the quality of data submitted, application quality (the loan meeting a lender’s servicing requirements), the quality and accuracy of supporting documents, and the ability to access NextGen. Net’s services and information.

Accordingly, over the past 12 months NextGen.Net has delivered:

-POS Data Verification – GNAF, ASIC, ABR;

-Simplified and Accessible Lookup Service;

-Lender policy and servicing metrics at POS and published in real-time (this now  covers 94% of all applications by volume);

-Valuations at POS;

-Lender ‘Fastlane’ application prioritisation;

-Intelligent Supporting Document Checklist;

-Online Supporting Documents service
“It’s not about people not doing a good job when they submit a deal; it’s usually lack of awareness of policies or detail that is left out or overlooked,” Carn says.

“We provide a framework so lenders and introducers can collaborate to get it right first-up at POS.”

New components being rolled out by NextGen.Net to augment their quality framework include:

-Open Data Interface (an extension of externalising access to lenders and brokers to tools such as Supporting Documents and metric calculations through an API);

-Universal resubmission (a tool to give brokers a consistent resubmission experience with all lenders);

-‘Snapshot’ (a summary of the application structure and complexity, such as number of applicants, loan products and securities, if a company or trust are involved, if there is a guarantor, etc.);

-Quality Stars (a broker visible application quality rating system);

-Assisted Document Sorting using intelligent OCR (Optical Character Recognition). This represents the next step in ensuring supporting document quality. It helps brokers match documents and assists with sorting and filing documents online.

-Lender ‘Easy Verify’ (a tool that allows lenders a simple tool to verify documents and communicate quickly back to the broker.
“The exciting thing for us will be seeing how our clients leverage the opportunities the quality framework creates in their own business, says Carn.

“These opportunities are about helping lenders better process and resource-stream applications and support brokers, build a stronger framework for relationship management and objective measures for assessing broker relationships, and reward relationships on the merit of each individual application.

“The most important factor our innovations address is of course cost reduction. Our tools achieve quality at POS and therefore radically reduce costs for all parties.”