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A leading aggregation group has announced a number of enhancements to its home loan division in an effort to reinforce responsible lending measures and improve both the customer and broker experience.
Connective Home Loans, part of the Connective group, will roll out the three updates on Monday, 27 May.
The first initiative is a new version of CoreLogic’s PropertyHub that allows brokers to order, track, and manage their own valuations, order property and suburb profiles that can be shared with customers, and have instant access to completed reports.
Second, Connective has committed to faster turnaround times concerning the documents required up front when submitting applications, minimising delays and leading to deals being assessed more quickly.
“This process will provide more clarity on the customer’s full financial position, less time lost waiting for any missing documents and more secure transmission of a customer’s sensitive information,” the aggregator communicated in its release.
“Our credit team is more likely to be able to make a decision on [a] customer’s application at ‘first touch.’”
Lastly, in the spirit of doubling down on responsible lending, Connective will introduce a Debt-to-Income (DTI) ratio to its lodgement system that provides “a clearer understanding of the customer’s financial picture upfront.”
The DTI ratio is the sum of all debts held by the customer, divided by the customer’s gross income, and is intended to help borrowers “understand the potential impact of home loan repayments on their current lifestyle.”
