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A non-bank lender and law firm have partnered to release a new digital documentation service for brokers and their customers in a bid to reduce administrative burden and improve turnaround times.
Specialist lender La Trobe Financial and law firm Mortgage Services Australia (MSA) National have launched a new digital documentation service where home loan customers can now sign their complete suite of home loan document.
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The initiative enables broker customers to sign their complete suite of home loan documents digitally, including the Letter of Offer from the lender, the Mortgage and Memorandum of Common Provisions, as well as other ancillary documents required to settle a loan.
La Trobe Financial’s vice president and chief settlements officer, David Bleakley, suggested that the new service could reduce overall turnaround times by as much five days.
Mr Bleakley commented: “The launch of our digital documents service is one of many customer enhancement initiatives La Trobe Financial will be rolling out in the next 12 months. By introducing digital documents, La Trobe Financial gives our customers more flexibility and allows borrowers the ability to electronically sign their home loan documents on their own time without having to worry about rushing to get physical documents printed, signed and back to the post office in time for settlement.
“The digital offering takes settlement deadline pressures off our customers; and in today’s market where time is money, and mums and dads are short on time, this offering helps La Trobe Financial better meet our customer’s expectations.”
He added: “In short, the implementation of digital documents makes the settlement process more convenient, more secure, and get borrowers in their new homes quicker than ever before.”
Meanwhile, the CEO of MSA National, Ayhan Baba, said that the service could also reduce the risk of fraud and lost documentation.
Mr Baba said: “The customer experience today, more than ever, relies on close collaboration between the lender and its settlement agent… Digital is all about doing away with paper and delays and unnecessary expenses, but the customer still wants human connection when coordinating their loan settlement.
“It is this blend that will win the hearts of customers and their mortgage brokers. At the end of the day, we are still people serving people. Our job is to strip away complexity and relieve the anxiety of the mortgage process.”
The MSA National CEO added that both companies were positioning themselves as digital service leaders in the mortgage industry, stating: “We both want to transform the customer experience by using digital technology, but we both also value the human interaction that overlays this.”
La Trobe Financial has said that it hopes the move to digital documents would be “of great benefit” to brokers and help them “more seamlessly and effectively engage with their customers from anywhere, at any time via any device”.
“Brokers that use digital documents for coded loans will deliver a much enhanced settlement experience in a far shorter period of time and win the praise of their customers,” Mr Bleakley said.
[Related: New virtual ID verification tool for brokers launches]
