Lending technology service provider NextGen.Net has unveiled an enhancement to its ApplyOnline platform. The Supporting Documents service, which rolled out through aggregator groups this month, will reduce reworks and boost efficiency for brokers and lenders processing loan applications.
With Commonwealth Bank of Australia having successfully piloted the enhanced service, NextGen.Net has revealed three other lenders will soon be using the Supporting Docs capability, with a view for this to expand to the majority of lenders in the future.
The enhancements mean that lenders will now be able to determine not just wha
t supporting documents are required, but also whe
n they require them, providing a new level of control. Lenders can also request documents at different stages in the loan process, and choose to ‘hardgate’ (enforce) mandatory document requirements at application submission.
This further enhancement to Supporting Docs removes the possibility of a loan being submitted without mandatory documentation, dramatically improving processing efficiencies.
With ApplyOnline's Supporting Docs update, brokers will be able to review lender requirements then bulk upload documents to meet those specific requirements. The update also delivers a refreshed, state-of-the-art, condition-driven user interface (UI) and user experience for brokers. The new UI also takes data privacy and security to another level.
“The new UI enables brokers to identify exactly what documents are needed, when, and then upload them easily and securely into the application,” said NextGen.Net sales director, Tony Carn.
“The ApplyOnline Supporting Documents service continues to be the most secure method of transmission for documents; and this upgrade means lenders can move to a situation where all documents are uploaded securely when they’re required.”
As 2017 approaches, Carn has revealed there will be another round of improvements for the Supporting Docs service next year that will leverage new functionality in the ApplyOnline app and revolutionise the way brokers interact with applicants in the loan application, submission and approval process.
“In 2017 we will see some ground-breaking enhancements that will reframe how brokers choose to engage and interact with their customers. Watch this space!” said Carn.