Home Buyers Benefit from Technology Revolution
Home and apartment buyers are now benefiting from a technology revolution taking place with mortgage brokers and major banks, simplifying and accelerating the home loan process.
Aussie, Mortgage Choice and Australian Finance Group are now "rolling out" an industry platform for electronic submission of mortgage applications, providing a major boost to the customer service and efficiency of lenders and their brokers.
For buyers, the technology is providing faster loan approvals - sometimes within minutes - less paperwork, greater accuracy in the application and document preparation process, as well as eliminating the need for borrowers and their brokers to provide follow up data.
Customers also gain enhanced information about the status of their applications, as well as less time consuming and sometimes frustrating paperwork to complete throughout the home loan application process.
Through the use of the broker laptop system, banks are receiving electronically delivered data and more accurate application forms, thereby removing the need for the bank to go back to the broker in the field to ask customers follow-up questions.
Australia's three largest mortgage brokers - Aussie, Australian Finance Group and Mortgage Choice - have commenced the roll-out of the new technology - which when fully implemented, will represent a major watershed for the mortgage broking industry and improve its position as the preferred distribution channel for lenders across Australia.
ANZ is the first lender to integrate with the platform, with Macquarie Bank, ING and the Commonwealth Bank set to join over the next few months, while their technology partner is NextGen.Net.
The brokers are already enjoying the fact that they are not required to ask the customer follow-up questions on behalf of the lender, while also gaining loan approvals direct from the lender within minutes via email and SMS messaging, rather than days by manual fax.
The NextGen platform will be available to all broker and lenders groups following the completion of the first phase of the program. The technology will continue to be enhanced by both vendor and broker groups as additional major lenders are integrated onto the platform, more complex business and commercial applications are accepted and wireless communication, allowing mortgage advisers to become truly mobile, are added.
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