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In a bid to improve processing capabilities and sluggish turnaround times, RAMS Home Loans has yesterday implemented a paperless process for all of its home loan applications.
The company’s head of operations Tony MacRae said the move to a paperless loan application process reduces manual touch points throughout the loan application process.
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“This will lead to faster processing times, a better experience for RAMS franchisees and brokers and ultimately a better experience for RAMS customers,” he said.
“We anticipate that the introduction of paperless processing will not only minimise the amount of time spent locating files and retrieving information but will critically lead to an improvement in conversion rates.”
According to Mr MacRae, the paperless process uses barcode technology to automatically index all documents relating to a loan application without the need for manual intervention.
The system also allows lending managers to view all documents in one place directly through the origination system.
The launch of paperless processing is part of a wider program that will see an increase in the use of electronic lodgement of applications and the introduction of automated preapprovals.
