The global financial services group has leveraged technology to provide two ground-breaking new offerings to the Australian mortgage broking industry.
The Pepper Product Selector tool and Pepper Resolve tool were unveiled at the group’s Insights Roadshow that concluded yesterday in Sydney.
The Pepper Product Selector is an online tool that provides customers with an indicative offer in under two minutes. Using an algorithm based on Pepper’s credit policies, brokers simply need to identify whether their clients situation means that they would be more suited to a non-conforming lender that requires a specialist alternative.
“A customer comes into your office, has a conversation with you and from that conversation you will ascertain that they have experienced a life event or that their income is nonconforming,” Pepper’s director of sales and distribution, Aaron Milburn, explained. “Straight away you know that they may not fit your traditional lender panel,” he said.
“What this tool does is take the answer to a series of questions and determines for you what product we could offer that customer should they wish to go ahead.
We also take an Access Seeker score and use that alongside information we have collated over the last 16 years in home lending and determine whether that customer sits in prime, near prime or specialist.”
The new offering comes after Pepper found that 60 per cent of Australian borrowers eligible for a nonconforming mortgage were not being offered one.
The non-bank lender has also launched another technology solution that Mr Milburn describes as a “revolutionary” product: Pepper Resolve. Brokers will soon be able to receive indicative offers from Pepper based on loans that have been turned down by other lenders.
“Pepper Resolve is a tool that brokers can opt into in the near future. When you have submitted a deal to a lender and it has been declined or withdrawn or remains stuck due to a number of conditions, this tool will see that back channel message from the aggregators CRM and run the information that has already been provided in the initial application through Resolve and provide an indicative offer,” Mr Milburn said.
“I think that’s pretty neat - that you can submit a deal to a lender, receive an unfavourable backchannel message, and before you even know the outcome, Resolve will run the information and provide an indicative offer should your client choose to proceed.”