Digital deals done in 90 seconds
Mike Pero mortgage advisers are the first in New Zealand to be able to electronically lodge loan applications directly with a major trading bank.
Tuesday, June 9th 2015, 4:27PM
The group has worked with Westpac to enable its advisers to lodge applications directly from their CRM system, Spark, to Westpac. Under this model advisers can get a qualified approval in 90 seconds and Westpac has undertaken to do a full underwrite in 12 hours.
MPM New Zealand manager Simon Frost says the process "adds value to the advisers' business."
While it has only been running six days Frost expects Westpac will get a greater share of applications from MPM's 47 advisers as the process is quick and helps advisers better meet the needs of their clients.
"Westpac have a competitive advantage in the market place," he says.
While digital lodgement is standard practice in Australia the banks in New Zealand have been slow to introduce it in this country. Frost says it is hard to understand why this was the case as the system is a win-win for lenders and brokers. He suggests one of the key reasons maybe cost.
Other banks are understood to be considering digital lodgement however none have made specific statements regarding their intentions in this area.
Frost says it has taken about four weeks to integrate the system into its CRM and to test it.
MPM has been working closely with Westpac and was also the first broker group to do fixed rate rollovers with the bank.
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