Wholesale funder praises digital valuation platform

by Miklos Bolza06 Jun 2017
The head of wholesale funder Advantedge has praised NextGen.Net’s latest digital valuation platform as offering a more streamlined application process.

General manager Brett Halliwell said that the tech firm’s ApplyOnline Broker-Ordered Valuations service was a win for all parties.

“In our quest to deliver better and faster service for brokers, our preference is to touch a deal once only and to make that once-only touch an unconditional approval,” said Halliwell.

“Before we launched ApplyOnline’s Broker-Ordered Valuations, brokers had to order a valuation through one system then jump into another to lodge the deal. It was cumbersome and messy so NextGen.Net created a solution by marrying the two systems.”

As part of the ApplyOnline integrated process, brokers can use the Broker-Ordered Valuation service to electronically order property valuations any time during the loan application process.

This concept goes beyond merely ordering the valuation, said NextGen.Net sales director Tony Carn.

“By making the valuation an integrated part of the process, it’s ultimately about moving towards a simpler, more holistic, seamless process.

“It’s about further simplifying what is generally an intricate process of coordinating an application and supporting documents, aligning to lender policy, doing a valuation, managing back channels, and holding the hand of the borrower all the way through to settlement.”

The service offers a number of benefits including giving greater visibility with regards to valuation status, removing data re-keying through a single login, reducing the number of re-valuations through an address look-up feature, and offering more efficient ‘work in progress’ reporting.

ApplyOnline’s Broker-Ordered Valuations allows brokers and lenders to accurately measure conversion rates which can then lead to more informed conversations with borrowers through better data and reporting, Carn said.

Related stories:

Major bank launches new broker pricing tool

Non-major unveils new mortgage AI

Nationwide digital mortgages a boon to brokers