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Variations technology enjoys good pick up from lenders

by Staff Reporter11 minute read
The Adviser

Jessica Darnbrough

As borrowers become progressively more service savvy, the ability to process variations electronically is fast emerging as an industry game changer.

“Industry acknowledgement of the value of the ApplyOnline_ Variations Module reflects the maturation of the mortgage space in that the module frees brokers to do what they do best, provide good service,” NextGen.Net sales director Tony Carn said.

The ApplyOnline_ Variations Module, which NextGen.Net pioneered in the mid-2000s, is experiencing a renaissance as lenders and brokers recognise that sophisticated service (specifically the ability to process increasingly common loan variations online) is fundamental to the success of their partnership, which is currently undergoing a renewed commitment.


Since its launch, the variations module has consistently enjoyed a strong take-up. But recently the upward trajectory on the sales graph has trended sharply, paralleling a drive by lenders to focus on their broker channel.

According to Mr Carn, a growing number of lenders, including Homeside, AMP Bank and ING Direct, are investing in the ApplyOnline_ Variations Module.

ING Direct executive director of distribution Lisa Claes said the module had helped the lender to shift away from a “time consuming and messy manual system”.

“There are a number of components to a pleasing customer service experience; ease, transparency, and turn-around time. The NextGen.Net ApplyOnline_ Variations Module ticks all boxes,” Ms Claes said.

AMP Bank’s head of sales and marketing Stephen Craig said with the module “you can simply clone the existing application to do the variation – cutting out a lot of form filling”.

“Electronic lodgement has allowed us to speed up the variations process, reducing errors and making the broker and customer experiences better,” Mr Craig said.

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