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A digital mortgage service fintech has announced it will join a partnership to create fast, paperless home loans.
Tic:Toc and Bendigo Bank announced recently they would be teaming up to offer “express” loans.
Now, legal fintech LeadPoint, which specialises in providing automated home loan documentation, has announced it would join them.
The group has generated more than 50,000 home loan contracts through its platform since it launched in 2013.
LeadPoint’s involvement in Bendigo Bank Express is the next phase of LeadPoint’s partnership with Tic:Toc loans, which already offers ‘webmortgages’ loan documentation as part of its instant home loan assessment and approval platform.
LeadPoint uses its proprietary platform to produce digital document packs for lenders, translating a lender’s data file to a personalised home loan contract in less than two minutes from receipt of the data.
When combined with Tic:Toc’s automated home loan assessment technology, customers can be responsibly assessed and approved for a home loan and receive their contract in less than one hour from starting an application.
LeadPoint founder and legal practitioner director, David Maher, said the partnership with Tic:Toc and Bendigo Bank will enable further investment into the platform to deliver a complete digital experience for lenders and their customers.
He said, “We’re very excited Tic:Toc and Bendigo Bank have chosen LeadPoint to offer their customers a complete digital home loan experience through to contract production, acceptance and settlement.
“The increase in volume through our platform will enable further growth of the business, and we will soon incorporate electronic delivery and signing of documents to compliment electronic settlements in PEXA.
“We are the only legal fintech in Australia that can offer this service, though we expect automated home loan documentation to be introduced industry-wide over the next five years.”
Tic:Toc founder and CEO, Anthony Baum, said the partnership with LeadPoint was the final piece of the puzzle to provide the customer a complete online experience.
He said, “Utilising LeadPoint’s platform means we can email customers their home loan documents at the end of the approval process with no delay.
“Tic:Toc is changing the customer experience when it comes to home loans. It’s no longer necessary to wait weeks for home loan approval and documentation, when it can be done digitally and conveniently.”
Bendigo Bank Express home loans will be available directly from Bendigo Bank in early 2019.
