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The non-bank lender has launched a service that would speed up the refinancing process to a matter of days.
Non-bank lender MA Money has partnered with mortgage and logistics company First Mortgage Services (FMS) to launch its FASTRefi service. The service aims to make the refinancing process faster for clients across the lender’s loan products.
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The new FASTRefi service is available across MA Money’s full documentation and alternative documentation (alt doc) loan products. The service omits the need to arrange a settlement with the Outgoing Financial Institution (OFI) beforehand.
MA Money’s recently appointed state manager for NSW and Queensland, Tim Lemon, said the FASTRefi service will allow clients to refinance their loans in a matter of days rather than weeks.
Lemon said he was “positive” about the impact that FASTRefi would have on the application process and that it would benefit its broker partners.
The non-bank said that customers who use FASTRefi would be able to enjoy a “superior customer experience” as funds would be received within days of returning signed loan documents.
MA Money also claimed that customers would have access to “streamlined cash-out processes” and have knowledge of when their new refinanced loan would be activated.
According to the lender, FASTRefi would enhance its credit process, which has a service level agreement (SLA) of two days for conditional approval.
Speaking on the launch, Lemon said: “We’re very excited to launch FASTRefi. And we’re offering this service across a wide range of loan products, from Prime to Specialist. It’s a simple process through MA Money – select FASTRefi in LoanApp, and we take care of the rest.
“Your client gets swift access to funds as they don’t have to deal with their current lender’s discharges team. This will make a real difference to clients wanting to use cash-out for a project like a renovation.”
“This service not only benefits our broker partners but also significantly improves the experience for our valued customers.”
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