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NextGen.Net has boosted its ApplyOnline platform by launching a new value-add aimed at speeding up the loan documentation process.
The latest enhancement, Lender Docs, will allow lenders using ApplyOnline to securely deliver documents, such as loan contracts, electronically to brokers.
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The move comes as the group looks to eliminate the need for posting or emailing documents between lenders, brokers or borrowers, providing the broker with immediate visibility and enabling them to reduce the amount of time spent on the loan documentation process.
“It’s the smart play,” NextGen.Net sales director Tony Carn said.
“We have brokers electronically submitting supporting docs via ApplyOnline and now lenders are delivering documents back to the broker.
“It makes sense and gets us closer to a fully paperless environment with compliance and security all built in.”
Lender Docs is compatible with a range of third-party electronic platforms and provides a data-secure framework with tracking visibility and reporting available at an application, broker, aggregator and lender level.
So far, St George Bank has taken up the new enhancement and has reported positive feedback and a significant uptake from brokers, according to NextGen.Net.
This latest development comes after The Adviser reported on a spike seen in the number of downloads of the ApplyOnline app.
In an update, a NextGen.Net representative said the ApplyOnline app has recorded over 2000 downloads since its official launch.
[Related: Consumer-brokered mortgages the new distribution channel]
