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CreditorWatch has joined forces with Credit Sense to streamline and expedite the loan application process, supporting the third-party channel.
Credit reporting bureau, CreditorWatch, has announced its partnership with bank transaction data analytics and affordability insights provider Credit Sense to deliver brokers a fully automated bank transaction data service report.
The strategic partnership will provide mortgage brokers with faster loan approvals by implementing advanced affordability assessments that can determine a borrower’s repayment capacity within minutes.
In today’s competitive lending landscape, mortgage brokers and lenders face mounting pressure to deliver swift loan approvals in order to attract and retain customers.
Traditional due diligence checks, including comprehensive loan affordability assessments, can often consume hours or even days when conducted manually. As such mortgage brokers are looking to accommodate the customer application but also mitigating risk by using services that are fully digitised, secure, and save time.
To address this challenge, industry players have been exploring technological solutions to expedite procedures and enhance customer experience, such as Suncorp launching the instant pricing tool for brokers and Resimac rolling out NextGen tools.
Chief executive at CreditorWatch, Patrick Coghlan, said: “We know our lending customers are under pressure to meet customer expectations or they risk losing out to competitors who have a smoother application experience and the ability [to] approve their application faster.”
Thus, by collaborating with Credit Sense, CreditorWatch is able to expand its end-to-end credit risk management capabilities to help its lending customers conduct necessary due diligence tasks quickly, in a cost-efficient and user-friendly way.
Through Credit Sense’s automation of income and expense analysis, lenders can quickly evaluate a customer’s ability to afford a loan, eliminating the need for time-consuming manual assessments.
This approach is hoped to not only accelerate the approval process but also reduce application abandonment rates and enhance customer satisfaction.
Head of business infrastructure at Credit Sense, Lucas Daoud, explained the technology helps lenders assess a customer’s ability to afford a loan in just minutes instead of hours, by removing friction from the income and expense verification process.
“Thereby reducing application abandonment rates and improving customer satisfaction,” Mr Daoud said.
Resimac launches NextGen tools
The latest tech announcement came after non-bank lender Resimac launched two new digital tools to help streamline the home loan application process for mortgage brokers, who are in increasing demand.
The two new digital tools within the NextGen ApplyOnline platform, “Access Seeker” and “NextGenID”, are designed to help improve the time to decision and quality of applications.
The Access Seeker credit report service (part of the ApplyOnline ‘financial passport’) provides brokers with the ability to request comprehensive credit reports for their clients directly from ApplyOnline without leaving a credit inquiry footprint on the file.
According to Resimac, this functionality is useful for credit-impaired borrowers because it facilitates a conversation with their broker where they are able to explain any defaults before the submission.
[Related: Resimac gives brokers access to new nextgen tools]
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