BNZ has partnered with Sydney-based firm, Simpology

BNZ launches programme to enable brokers to electronically lodge mortgage applications; Hopes move will improve industry standards.

SOURCE: interest.co.nz

Mortgage Express is the first broker agency to use the programme.

BNZ has partnered with a Sydney-based firm, Simplogy, to launch a programme that picks up the information you’ve given your broker and automatically checks whether it’s what the bank needs to assess your mortgage application – notifying your broker instantly if not.

The programme, Loanapp, sits between a company’s CRM (customer relationship management) system and BNZ.

While the set-up sounds rather obvious, and emulates the sort of the systems banks use in Australia, it’s a first for New Zealand.

Mortgage Express is the first broker agency to use the programme. NZ Financial Services Group is expected to start using it at the beginning of next year, before it is rolled out more widely.

BNZ’s head of third party distribution, Adam Ward, hopes adoption of the technology encourages other banks to follow suit to improve efficiency and the quality of data collected.

“This isn’t about a competitive advantage,” he says.

“This should be an industry standard, because for me what it does is that it makes life easier for the adviser. It might take them a little bit longer up front to get all the information, but it means they’re not coming backwards and forwards…

“It’s better for the bankers who are making the decisions, because they’re not getting half the information. They’re not having to go backwards and forwards.

“For the customer at the end… it should speed up the time of decisioning.”