Broker processing time has been slashed by a new electronic loan system, announced a South Australian lender this morning.
HomeStart Finance has rolled out the Front End Loan System (FELS), made up of several modules from application capture to settlement.
The introduction of online portal ‘Tracker’ lets brokers electronically track loan applications and submit supporting documentation.
Once applications are received, HomeStart expects to cut loan file touch time by up to 80%, which will significantly improve turn-around times for brokers.
HomeStart CEO John Oliver said the new system – along with its innovative loan products –would appeal to brokers.
“That means a simpler, faster and more consistent approach. The electronic retention of files will see HomeStart save an estimated 300,000 sheets of paper annually, moving us closer to paperless processing.
“Brokers can look forward to being able to make that important telephone call sooner – letting customers know that their dream of home ownership has begun.”
FELS, developed by Sandstone Technology, is the lender’s largest IT investment and has been a major project spanning over 20 months.
“We’ve kept implementation of this large piece of work on budget, on time and within scope. It’s been a great effort with over half the organisation involved and I’m pleased with how much more we’ll be able to achieve for the state of South Australia,” said Oliver.
HomeStart’s goal is to have all broker applications submitted electronically within the next 12 months.
“Brokers are an important channel for our business and the new system provides an efficient solution for them,” Oliver said.
“This will provide more visibility on each loan application and help brokers understand the paperwork that’s required or is outstanding, as well as receive updates on loan status in real-time.”
Sandstone CEO Bob Hall said HomeStart is well positioned to service its customers and brokers with the FELS system, which has integration points to external bodies such as credit rating agency Veda and Australia Post’s QAS online address verification software.
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