An enhancement to the ApplyOnline Supporting Documents service has introduced “game-changing efficiencies” for lenders, the software’s developer says.
Service provider NextGen.Net, which developed the technology, says lenders can now determine which supporting documents are required, as well as when they are required.
Lenders can request borrower documents at different stages of the application submissions, for example by enforcing mandatory document requirements. According to NextGen.Net, this process will “dramatically improve” processing efficiencies.
NextGen.Net said the update, launched this month, delivers a state-of-the-art, condition-driven user interface (UI) and user experience which allows brokers to review lender requirements and bulk upload documents to meet the specific requirements.
By removing the possibility of a loan being submitted without mandatory documentation, loans can theoretically be approved more efficiently.
“The new UI enables brokers to identify exactly what documents are needed when and then upload them easily and securely into the application,” NextGen.Net sales director, Tony Carn, said.
“The ApplyOnline Supporting Documents service continues to be the most secure method of transmission for documents, and this upgrade means lenders can move to a situation where all documents are uploaded securely when they’re required,” Mr Carn said.
According to the technology service provider, the next round of improvements for the Supporting Documents service will leverage new functionality in the ApplyOnline app and “revolutionise the way brokers interact with applicants in the loan applications, submission and approval process”.