Background
RESIMAC is a respected wholesale funder, originator, servicer, and securitiser of loans which has been successfully operating in the Australian finance industry since 1985, financing residential and commercial mortgages. RESIMAC needed to obtain a competitive edge over other players in the mortgage broking environment as well as provide a key product differentiator to mortgage originators by providing an easy to use, intuitive online tool that allowed them to manage their loan enquiries, submissions and sales pipeline whilst understanding and respecting the need to provide a secure communication environment with each of the mortgage originators.
Project Overview
RESIMAC’s mortgage originators required an efficient and easy to use channel in which they could communicate with RESIMAC with regards to their client’s loan requirements whilst simultaneously reducing the internal labour required with the current communication channels. The intention of this portal was to deliver a front-end system that assisted all parties involved in the loan application process and improved communication with the third party distribution network. Key functions embedded in the wizard included:
- Capture of all loan application information accurately
- Verify that all required application fields have been completed before the loan application was submitted to the loan processing system for credit decision making
- Comparison of certain loan application fields against established credit criteria to "screen out" unacceptable applications without the need for manual intervention
- Create acceptable credit criteria tolerances that allow the loan application to be initially referred to the lending department for a manual decision if required
- Provide the ability to input additional comments about the loan application where the loan is to be initially referred to the lending department for a manual decision
- To perform financial calculations based on a pre-defined (and configurable) information input
- Transmit data electronically to the loan processing system without any requirement to re-key
- Track the status and provide feedback on the progress of the loan applications to the mortgage originator
- Online valuation requests to a nominated panel valuer
The web portal now allows RESIMAC employees and external mortgage originators to manage and report on their loan portfolios.
The success of this project has assisted RESIMAC to reach its goals of simplifying the application process and reduce the cost of administering the loan process. This has enabled RESIMAC to scale their business operations and control their cost base, thereby providing a distinct competitive advantage in a wholesale marketplace.
Contact us for more information