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The aggregation group has brought down lodgement times through new in-house technology.
Aggregation group LMG has developed an automated client data collection tool – SmartData – to help brokers turn around loan applications faster.
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According to LMG, by directly pre-populating clients’ raw data into MyCRM, lodgement times have decreased by 35 per cent, or the equivalent of three days, reducing time-consuming back and forth with clients and improving efficiency.
The aggregator has said that the roll-out of the SmartData tool to the LMG Network will occur over May 2024.
Other capabilities of the SmartData tool allow it to:
● Collect and populate identification data including driver’s licence, passport, and Medicare.
● Use ID information to perform credit checks to capture liabilities and any red flags.
● Connect bank account details via illion bank statements’ secure, encrypted portal to capture and analyse finances.
● Populate and group expenses to speed up analysis.
LMG executive chairman Sam White said that the new tool is “another example of how LMG is using data in new ways to save brokers[’] time.”
“We know brokers want to spend less time on manual data entry and reduce the amount of back and forth with their clients, and SmartData does just that. We developed this technology in-house at LMG and we’re really excited to be delivering on our promise to save brokers[’] time,” White said.
“For clients, SmartData makes getting a loan even easier as it means they don’t have to estimate their expenses or remember all their assets and liabilities.
“All the information is populated in MyCRM, giving brokers more accurate and complete financial information, faster, allowing them to spend more time building their businesses, nurturing client relationships and improving their work/life balance.”
This is the latest in the aggregator’s pursuit of integrating new and emerging technology to help improve the day-to-day operations of mortgage brokers.
In November 2023, LMG announced a partnership with Equifax in order to streamline income verification for brokers. The collaboration allows brokers to request automated employment income reports directly from MyCRM.
By integrating Equifax Verification Service with LMG’s MyCRM platform, brokers are able to streamline the income verification process, save time, and ensure a more secure and reliable due diligence process.
The service provides access to employment income data securely and directly from employers and their service providers.
LMG labelled this partnership as a “game-changer” and an “industry-first” agreement at the time.
[RELATED: Brokers to pilot new tech in ‘industry-first’ agreement]
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