Non-bank releases new loan tracking app

The tool supplies real-time application updates, enhanced document management and greater levels of broker support

Non-bank releases new loan tracking app
Non-bank lender Liberty Financial has launched a new loan tracking app designed to offer a streamlined experience to residential brokers.

Called Liberty IQ, the tool can be accessed via any web browser or mobile device, and comes with a range of broker benefits.

“Our world is rapidly changing and most of this change is driven by technology. We believe that tools like Liberty IQ are needed to propel the finance industry into the 21st century,” Liberty group sales manager John Mohnacheff said.

For Liberty Financial, the answer has always been about technology, Mohnacheff told Australian Broker.

“It's always been about empowering our business partners to be more informed and more in control of the transaction and the relationship.”

The app will use an intuitive interface to provide a range of benefits for brokers. This includes greater visibility for brokers offering real-time updates on milestones during the mortgage application process as well as an automated SMS service delivering progress updates as they happen.

The platform also features streamlined document management that highlights any outstanding documentation or actions required. The in-built tap and send functionality allows brokers to upload documents through their mobile, tablet or laptop while the app facilitates the access and download of documents as required.

Liberty IQ also offers greater levels of broker support by making it easier to connect directly with the assigned BDM, underwriter or settlements officer at a click of the button.

Finally, the app provides access to a wider range of information including Liberty’s digital tools, calculators and resources. This includes details on the latest interest rates as well as the lender’s introducer guides and FAQs.

The tool was developed through a pilot program with 40 brokers from aggregator Australian Finance Group (AFG) with the aim at building a platform that would benefit all brokers, Mohnacheff said.

“We wanted to understand how we could have a long term positive impact and to let the broker help the end user – the borrower. There were tomes and tomes of research to make it fit for purpose for all brokers.”

General manager of sales and operations Mark Hewitt, Vic/Tas state manager Carl Taylor and the rest of the AFG team were invaluable in developing the platform, he said.

“Liberty’s unique product offering has always set it apart and with the launch of Liberty IQ we’re not only making it easier for our brokers to do their jobs, but we’re providing a tool that makes us stand out even more,” said Mohnacheff.

With the app already introduced to residential brokers, a rollout to commercial and motor brokers has been planned for the near future. The exact dates for this rollout are yet to be announced with Liberty still adapting the platform to the needs of brokers from these particular areas.

Mohnacheff said the initial focus was creating an agile tool that caters to the needs of resi brokers using the app. Liberty will use human and machine learning to continuously improve the technology and perfect it.

“Once we've got the whole resi side vetted down without any speed bumps or hiccups, we'll work on motor and commercial.”

This will also also involve a pilot stage prior to rolling it out to all Liberty brokers, he said.

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