New tool cuts mortgage application time

Effective from today, ApplyOnline will include an address lookup and verification tool – Geocoded National Address File (G-NAF).

NextGen.Net’s sales director Tony Carn said the tool was a time saver that adds an “additional level of sophistication to the processing system”.

“Incorrect address information remains a significant driver of reworks and is renowned for slowing down approval and settlement processes,” Mr Carn said.

“This is because an incorrect address can stall and complicate the valuation process, credit checks and the issuance of mortgage documents.

“Having something as simple as the new ApplyOnline Address Editor using G-NAF drives substantial efficiencies.”

G-NAF is Australia’s authoritative national geocoded address index, listing all valid physical addresses in the country.

It contains approximately 12.6 million addresses, each linked to its unique geocode (the specific latitude and longitude of the address). Data used to build G-NAF comes from contributors that include the Australian Electoral Commission, Australia Post, state, territory and Australian Government mapping agencies and land registries.

All addresses used within an application (whether entered in ApplyOnline or passed from broker CRM systems) can be verified against the database for accuracy. The validity of each address is passed on electronically to lenders.

When entering or editing an address in ApplyOnline, a ‘Verify Address’ option is shown, which will perform a look-up against the G-NAF data and confirm the validity of the address.

“Don’t discount the importance of this deceptively minor feature,” Connective director Glen Lees said.

“It takes out the capacity for error in many  areas and makes the process less susceptible to going off the rails, which is vitally important when we’re talking big numbers.”