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New tech tool to simplify lending process

by Reporter4 minute read
New tool to simplify lending process

Technology service provider NextGen.Net has launched an electronic tool to further digitise the loan application process.

NextGen.Net has introduced electronic signatures (eSign) within the ApplyOnline Supporting Documents service to enhance the broker signing processes and enable third-party integration.

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The ApplyOnline platform enables lenders to integrate eSign directly with electronic signature providers, legally binding electronic signatures via third-party providers while also allowing brokers to digitally transfer documents to their clients.

NextGen.Net sales director Tony Carn believes that the newly launched platform would save brokers time by minimising inefficiencies and removing paperwork.

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“It eliminates duplication and error and saves time, removing the need for brokers to print forms, get them to borrowers and collect ‘wet signatures’,” Mr Carn said

“Lenders nominate which documents can be signed electronically, and brokers have the ability to send, track and receive signed documents within ApplyOnline.”

Mr Carn also claimed that the eSign platform would simplify the verification process for lenders by removing manual application checks.

“From the lenders’ standpoint, eSign makes their job far easier and smoother because they can verify that applications are signed when they receive them,” Mr Carn added.

“Getting a legally binding signature electronically means lenders will no longer have to manually check applications.”

[Related: Brokers urged to take cautious approach to tech]

 

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