The service now has a verification feature
An Australian provider of lending technology has introduced a new verification feature to provide brokers with a smoother application experience and a faster time to yes.
NextGen has upgraded the Access Seeker Credit Report within its flagship ApplyOnline platform to enable brokers to review and compare suggested data from the report against the disclosed data entered in the application, as well as easily amend application values to match – all on the same page of the ApplyOnline application.
The upgraded service is now available to brokers in ApplyOnline for CBA, Westpac (including St.George), and Resimac, and will be rolled out across more lenders at the end of this month.
The Access Seeker Credit Report is free to mortgage brokers or their clients. Using the report, brokers can securely and efficiently request a copy of the applicant’s credit history as part of the ApplyOnline application process, gaining access to comprehensive insights of their credit risk using negative and Comprehensive Credit Reporting (CCR) data prior to submitting a loan application.
“We are thrilled to bring this enhanced functionality to the Access Seeker service in ApplyOnline,” said Tony Carn (pictured above), chief customer officer at NextGen. “By enabling the ability to efficiently source, update and verify application data with minimal effort, we’re empowering mortgage brokers to have better control of the application prior to submission.”
The enhanced Access Seeker service also offers something new for lenders, which reduces manual checks and speeds up assessment and processing times – a “Verified” badge for liabilities. This feature in the ApplyOnline application auto-detects when an applicant has liability values that match the Access Seeker report value.
“By leveraging the full benefits of the Access Seeker service upgrade, lenders can quickly identify applications that have undergone thorough verification, enhancing the efficiency of their processes,” Carn said.
Part of the ApplyOnline “Financial Passport,” the Access Seeker service offers brokers access to key customer financial information using a third-party multi-data source integration that feeds into the ApplyOnline application. It currently includes the “NextGenID” digital verification of identity service and will also include open banking data in the coming months.
“We are committed to providing innovative solutions that increase efficiencies and empower mortgage brokers in the lending application process,” Carn said. “The value of integrating trusted data, such as that from open banking, cannot be emphasized enough when it comes to its potential to enrich applications and simplify operational processes, which ultimately reduces time to yes.”
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