Fintech startup BreezeDocs is speeding up lender turnaround times so brokers can take their borrowers 'off the market'.
Hany Pham is co-founder and managing director of BreezeDocs, a fintech startup that provides automated document processing services, dramatically cutting down time and cost of the loan application process. Established with co-founder John Schagen, the company was a finalist of the Australian Mortgage Award for Best Industry Service. Pham is also the founder of AMA winning brokerage, Central Choice.
MPA: How is Breezedocs assisting the loan application process?
Hany Pham: Breezedocs has introduced Robotic Process Automation (RPA) into the mortgage industry, which is intelligent software designed to perform tasks that is normally done by humans. The revolutionary technology intelligently reads borrower supporting documents then automatically splits, classifies and indexes the documents for the lender which eliminates the need for them to manually sort applications.
Breezedocs was also the first company to provide the automatic TFN redaction software to the market, which we're proud to say is the best and most accurate solution on the market.
MPA: How can Breezedocs directly and indirectly benefit brokers?
HP: Breezedocs enables lenders to automate their back office, increase the rate of straight through processing, and gain substantial time and cost savings. This provides brokers with a much more positive experience as they are able to obtain faster approvals, which ultimately results in a better customer experience.
As more and more lenders implement Breezedocs, brokers will start to see faster response times as our current lender partners have been able to consistently achieve same day turnaround times. This will enable brokers to take their borrowers 'off the market' - if brokers are able to get same day response times, the borrower has no further need to shop around. We'd love to see more brokers supporting the lenders that are investing in systems like Breezedocs that improves the credit assessment process rather than forcing an additional administrative burden upon them.
In an ideal world, a lender would receive consistency and standardisation across all the applications that are lodged to them. Lenders usually have a pre-credit assessment team that organises all of the supporting documents into separate files, so that the underwriters have a standardised file. Some lenders have actually started to push this workload onto the brokers, and unsurprisingly by all accounts, the adoption of this additional burden has been very low.
By automatically recognising, splitting and relabeling documents, brokers and lenders will no longer have to perform this task manually. This means that loans will be able to start the assessment process immediately, which results in accelerated loan assessment and approvals.
MPA: What inspired you to found Breezedocs?
HP: We live in a digital age where consumers expect technology to be able to provide them instant access to products and services - however the process of obtaining a loan still takes weeks or even months. We also see a lot of finger pointing where brokers are blaming banks for frustrating delays and "crazy turnaround times", and the lenders similarly point the finger back at brokers for poor quality loan submissions.
Eight years ago I started my career as a mortgage broker and although turnaround times and submission quality were a pressing issue for the industry back then, it does not look as if much has changed as I'm still reading headlines in the industry news where lenders are taking weeks to assess an application. This is quite frankly unacceptable, and I'm excited to bring the innovation into the industry to address this.
MPA: How has Breezedocs been received in the industry so far?
HP: Breezedocs has received an extremely positive reception by the industry. We were recently nominated as finalist in the recent Australian Mortgage Awards, which gives great validation of the need for this kind of technological innovation.
However, we prefer to measure our performance based on the positive outcomes that we are able to achieve for our clients. For instance, some of the lenders that we have partnered with have been able to reduce and re-deploy the head count in their underwriting and pre-credit assessment teams, all the whilst still being able to provide same day turnaround times for their broker partners.
We are currently assisting our lender partners process thousands of loan applications each month, and we currently have around half a dozen new lenders who are in the process of signing up.
MPA: What is your vision for Breezedocs?
HP: We feel that Breezedocs has a very important role to play in the industry. Our aim is for Breezedocs is to solve this massive problem of turnaround times that has largely gone unsolved by the industry, and we want to continue to work with the players in the industry both now and in the future, where we will be giving birth to the digital mortgage.
MPA: How is Breezedocs assisting the loan application process?
Hany Pham: Breezedocs has introduced Robotic Process Automation (RPA) into the mortgage industry, which is intelligent software designed to perform tasks that is normally done by humans. The revolutionary technology intelligently reads borrower supporting documents then automatically splits, classifies and indexes the documents for the lender which eliminates the need for them to manually sort applications.
Breezedocs was also the first company to provide the automatic TFN redaction software to the market, which we're proud to say is the best and most accurate solution on the market.
MPA: How can Breezedocs directly and indirectly benefit brokers?
HP: Breezedocs enables lenders to automate their back office, increase the rate of straight through processing, and gain substantial time and cost savings. This provides brokers with a much more positive experience as they are able to obtain faster approvals, which ultimately results in a better customer experience.
As more and more lenders implement Breezedocs, brokers will start to see faster response times as our current lender partners have been able to consistently achieve same day turnaround times. This will enable brokers to take their borrowers 'off the market' - if brokers are able to get same day response times, the borrower has no further need to shop around. We'd love to see more brokers supporting the lenders that are investing in systems like Breezedocs that improves the credit assessment process rather than forcing an additional administrative burden upon them.
In an ideal world, a lender would receive consistency and standardisation across all the applications that are lodged to them. Lenders usually have a pre-credit assessment team that organises all of the supporting documents into separate files, so that the underwriters have a standardised file. Some lenders have actually started to push this workload onto the brokers, and unsurprisingly by all accounts, the adoption of this additional burden has been very low.
By automatically recognising, splitting and relabeling documents, brokers and lenders will no longer have to perform this task manually. This means that loans will be able to start the assessment process immediately, which results in accelerated loan assessment and approvals.
MPA: What inspired you to found Breezedocs?
HP: We live in a digital age where consumers expect technology to be able to provide them instant access to products and services - however the process of obtaining a loan still takes weeks or even months. We also see a lot of finger pointing where brokers are blaming banks for frustrating delays and "crazy turnaround times", and the lenders similarly point the finger back at brokers for poor quality loan submissions.
Eight years ago I started my career as a mortgage broker and although turnaround times and submission quality were a pressing issue for the industry back then, it does not look as if much has changed as I'm still reading headlines in the industry news where lenders are taking weeks to assess an application. This is quite frankly unacceptable, and I'm excited to bring the innovation into the industry to address this.
MPA: How has Breezedocs been received in the industry so far?
HP: Breezedocs has received an extremely positive reception by the industry. We were recently nominated as finalist in the recent Australian Mortgage Awards, which gives great validation of the need for this kind of technological innovation.
However, we prefer to measure our performance based on the positive outcomes that we are able to achieve for our clients. For instance, some of the lenders that we have partnered with have been able to reduce and re-deploy the head count in their underwriting and pre-credit assessment teams, all the whilst still being able to provide same day turnaround times for their broker partners.
We are currently assisting our lender partners process thousands of loan applications each month, and we currently have around half a dozen new lenders who are in the process of signing up.
MPA: What is your vision for Breezedocs?
HP: We feel that Breezedocs has a very important role to play in the industry. Our aim is for Breezedocs is to solve this massive problem of turnaround times that has largely gone unsolved by the industry, and we want to continue to work with the players in the industry both now and in the future, where we will be giving birth to the digital mortgage.
