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The non-bank lender has utilised the ApplyOnline platform to help expand within Australia’s mortgage broker network.
Non-bank lender Thinktank has announced it is now harnessing NextGen’s ApplyOnline platform to grow its network of mortgage brokers by providing seamless electronic submissions of home loan applications from brokers.
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Earlier this week (24 October), the lender said the collaboration with the ApplyOnline platform was a “win-win” for both parties as 100 per cent of its business is broker-driven.
As part of the partnership with the platform, Thinktank stated that it had chosen to make the use of NextGenID and Access Seeker mandatory, which it said would ensure “superior application quality, reduced rework and expedited approval timelines”.
The lender commented that the electronic lodgement of home loan applications through the technology would initially be available through select broker groups, with plans to expand to additional broker sets as white label products from January 2024.
Thinktank said the partnership offered it a “compelling opportunity to extend its presence in the third-party mortgage market” and that collaboration equipped it with a “means to optimise its operations and offer mortgage brokers a frictionless electronic lodgement solution for home loans”.
Head of lender partnerships at NextGen, Mike Ponsonby, stated: “Our collaboration with Thinktank underscores our unwavering dedication to advancing the lending industry through innovative technological solutions. We are delighted to empower Thinktank in delivering high-quality service to brokers and borrowers alike.
“With ApplyOnline, Thinktank, as a non-bank alternative lender, now has distribution opportunities that rival major lenders in the broker market. Mandating NextGenID and Access Seeker simplifies the application process, enabling brokers to save valuable time on administrative tasks, minimise rework, and expedite loan approvals.
“The partnership between Thinktank and NextGen is poised to enhance efficiency, productivity, cost-effectiveness, and customer service in the lending industry.”
Jonathan Street, chief executive of Thinktank, added: “With 100 per cent of our business sourced through brokers, we recognise that NextGen is the preferred electronic lodgement platform for many.
“Given our rapidly expanding footprint in residential lending, this represents a pivotal investment in supporting our key distribution partners by providing brokers access to the tools and services they are familiar with and depend on.
“As a well-recognised commercial, SMSF, and more recently, residential lender, introducing NextGen is a central element of our next strategic phase to serve the wider spectrum of the broker market. Offering NextGen will enable us to engage and support a multitude of brokers in delivering lending solutions across residential, commercial, and SMSF sectors to their clients.”
Mr Street said the partnership with NextGen “signifies a transformative leap for Thinktank” as it looks to expand its relationships with brokers and broker groups.
He concluded: “With NextGen going live across our distribution partner network, it will allow us to significantly broaden our reach while offering brokers a leading-edge transactional experience.
“Over the past couple of years, we have successfully settled well over $3 billion in new residential lending, and with the introduction of NextGen, we anticipate this figure will continue to rise as we present the NextGen solution to brokers as an integral part of our offering.”
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