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AMP Bank is introducing a new home loan application system to give brokers greater oversight of their submissions and accelerate turnaround times.
Non-major lender AMP Bank has announced that it has partnered with mortgage origination software provider Simpology to run its new home loan application ecosystem for brokers (who originate around 94 per cent of the bank’s home loans).
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Simpology already provides mortgage origination solutions to over 30 lending partners and includes products such as broker lodgement, full origination/workflow and product, serviceability, and decisioning engines.
The new home loan system for AMP Bank will reportedly help the lender accelerate its turnaround times to “hours” rather than days, give brokers greater oversight of the progress of their clients’ loan applications, provide real-time updates, and have integrated information requests.
AMP Bank’s new loan process will also include fully digitised identification processes, upfront verification of “credit-critical data” prior to submission (for example, by either scanning and auto populating forms from payslips or connecting into payroll providers directly), and instant feedback on application data to allow real-time decisions.
A pilot of the new system will be launched through select aggregators in the final quarter of this calendar year before moving to full launch in the second quarter of 2025.
According to Melissa Christy, head of lending origination at AMP Bank, when combined with the solution’s straight-through processing capability and simplified business rules, the lender expects to be able to approve loans within a day.
Speaking to The Adviser, she said: “Moving to Simpology for us is all about improving the end-to-end origination experience for our brokers. So that is turnaround times, that is more transparency for brokers, and that is also validating and verifying information, upfront, and getting the broker closer to the decision. That all makes us more efficient when the application comes in.
“We are really looking to streamline the process and, instead of being able to approve in days, we’re talking about the same day; hours. While that will be more the vanilla PAYG deals (the simpler deals) that go through straight-through processing to begin with, we will be doing everything – self-employed, company, trust, construction – when we’re fully launched.
“We’re committed to building leading digital solutions which enhance broker experience and give us the agility, flexibility, and scalability to meet the banking needs and expectations of the customer of tomorrow.”
AMP Bank group executive Sean O’Malley said he believed the strategic partnership with Simpology would help the bank “transform its home loan journey and provide a market-leading standard in service excellence for our brokers and their customers”.
“What we’ve been doing in the past has been incrementally improving but this is a real opportunity to take a really large step forward towards a really great digital and fully automated origination experience for our brokers,” he told The Adviser.
The founder and chief executive of Simpology, Kate Gubbins, said the company was “excited” to be partnering with AMP Bank for its home loan application experience: “Simpology’s new origination ecosystem aligns with AMP Bank’s ambitions of supporting their brokers and customers with great experiences and speedy outcomes.
“AMP Bank’s commitment to excellence and challenging the status quo makes them the perfect partner to bring to life the capabilities of our platform,” Gubbins said.
According to the Simpology CEO, the platform can harness shared services infrastructure that lenders can integrate into their application journey, including open banking workflow.
AMP Bank suggested it would continue to partner with new and existing third-party “experts” from across the industry to leverage “the latest technology to deliver its end-to-end home loan application journey” and meet its aspirations of becoming “a leading digital bank”.
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