The NAB-owned wholesale funder has announced that it will integrate Simpology’s e-lodgement platform into its offering.
Advantedge has revealed it is forming a strategic partnership that will see it adopt a new e-lodgement platform, called Loanapp, created by mortgage industry software provider Simpology.
Brett Halliwell, general manager at Advantedge, said the decision to integrate Loanapp “further strengthens [the wholesale funder’s] ability to offer more streamlined and efficient services to brokers”.
He likened using Loanapp to upgrading his mobile phone years ago from a Blackberry to an iPhone.
"It's that kind of difference," Mr Halliwell said at the announcement event.
Loanapp, which is also being used by ANZ Bank and P&N Bank, reads a lender’s published “electronic guidebook” – containing the lender’s dataset requirements and associated validation business logic, print forms, supporting document rules and serviceability metrics – and provides the most up-to-date lender requirements to the broker.
The platform also comes with live chat support, data autofill, auto-save features, real-time validation of applications, and serviceability calculators.
It can be integrated with CRM systems, such as those provided by aggregators, or be used as a standalone application.
The Advantedge general manager said that while it takes a handful of times to "get a feel" for Loanapp, it can improve loan application quality by allowing users to "get the data right at the point of sale".
"We are pacing into an environment where more and more, it's about getting the details right, having the right conversations, documenting all of those things... Quality is essential and we believe we can lift our quality," Mr Halliwell said, adding that loan applications will get harder to put together.
“Loanapp‘s interactive features connect brokers directly to lenders, effectively streamlining the lodgement process. By reducing back-end administration and enhancing quality submissions, the tool is another example of how we are supporting brokers in delivering good customer outcomes."
Simpology founder and CEO Kate Gubbins said she was “thrilled” about the partnership.
"We've got three partners: we've got our funder partners, our lenders partners, the brokers, and the aggregators. And we do try and take [all of our partners] into account when we're thinking through our technology stack - how it looks and feels, what it does, how it integrates with all of the pieces of the puzzle, and also the support that we provide to everyone. We don't like to leave anyone out," Mr Gubbins said at the event announcing the partnership.
Speaking of future plans, the Simpology chief executive said the company is working on making it easier for brokers to do their jobs.
"We're working hard on digitising processes, automating processes, making it way easier for you (brokers) to do the job that you have to do, but then have the tools to be able to communicate easily and efficiently with both your customers and the lenders," Ms Gubbins said.
"[We've] got some great stuff that's going to be happening [in] the next six to 12 months, which is digitising processes and automating things like supporting docs and categorisation, indexing and all that stuff that takes you a long time to do on a daily basis."
[Related: Aggregator launches white label loan suite]
Tas Bindi is the features editor for The Adviser magazine. She writes about the mortgage industry, macroeconomics, fintech, financial regulation, and market trends.
Prior to joining Momentum Media, Tas wrote for business and technology titles such as ZDNet, TechRepublic, Startup Daily, and Dynamic Business.
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