MyState Bank reports faster approvals with NextGen mortgage tech

Digital integration streamlines applications, reducing approval times

MyState Bank reports faster approvals with NextGen mortgage tech

MyState Bank has reported significant gains in mortgage processing efficiency following its adoption of NextGen’s digital lending technology.

By integrating NextGenID and the Access Seeker Credit Report service into ApplyOnline, the lender said it has accelerated approval times and improved application quality.

Early data indicates that 40% of applications now use NextGenID, while 20% include an Access Seeker Credit Report as part of a MyState home loan application.

Both NextGenID and the Access Seeker Credit Report service are now available for all MyState Bank home loan applications in ApplyOnline.

“We are delivering exactly what we promised – faster processing times and higher-quality applications,” said Tim Newman (pictured above left), general manager of lending at MyState.

“We’re particularly pleased to see applications receiving formal approval 2.5 days faster when an Access Seeker Credit Report is used, and nearly a full day faster with NextGenID. When both services are utilised, we’re seeing formal approvals average within four days.”

NextGenID allows brokers to securely verify client identities within ApplyOnline, while the Access Seeker Credit Report provides upfront access to Equifax consumer credit data.

“The impact we’re seeing at MyState validates our approach to digital mortgage processing,” said Mike Ponsonby (pictured above right), head of lender partnerships at NextGen. “What’s particularly exciting is that these efficiency gains require minimal broker effort – just five to 10 minutes of their time – while delivering significant improvements in application quality and processing speed.”

Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.