Mortgage Street has announced the integration of the Salestrekker 2.0 loan application into its system and has invited brokers to trial the pilot months before the platform’s official launch.
With the focus of enhancing data security for both brokers and customers, the B2B mortgage distributor and non-bank lender said the integration represented a “significant advancement” to provide a secure and efficient platform for mortgage transactions.
“Our primary aim with this initiative is to foster collaboration with brokers and gather their invaluable feedback to further enhance our service,” Mortgage Street CEO Kenneth Sayer (pictured above) said.
Henry Ford once said if he had asked his customers what they wanted, they would have said a faster horse. They could not imagine a car, because it was a new technology.
Sayer said brokers were in a similar position with the Mortgage Street-Salestekker 2.0 collaboration.
“You simply can’t imagine all of the ways that it can improve your business,” Sayer said. “This new technology will pioneer rapid quotes and dependability. Every broker in Australia wants a rapid approval. I’m going to provide them with certainty of execution.”
With a release date of January 1, 2024, Salestrekker’s new lending origination and CRM platform is set to shakeup the Australian lending landscape.
Salestrekker already boasts a substantial customer base of over 9,500 users in Australia, including prominent aggregators such as Astute Financial, Specialist Finance Group (SFG), Vow, Yellow Brick Road, outsource Financial, MyLocal, Purple Circle, and Mortgage Australia Group.
It is also used across Platform Group, which serves asset and personal finance for Aussie, Smartline, Mortgage Choice, and eChoice among others, as well as Agiliti/NLG providing asset and personal finance for Choice Aggregation and SFG.
As part of Mortgage Street’s opportunity, all aggregators and brokers invited to explore Salestrekker 2.0 through the company’s electronic mortgage management system (Lms.ai) will be entitled to access free features.
“This ensures that they will have the chance to experience and evaluate the platform's capabilities without any upfront commitment,” said Sayer.
One of the key advantages of this integration is the elimination of double data entry for brokers.
“Every broker wastes a third of their life working on deals … I want to give brokers a third of their life back,” he said. “There’ll be single data entry, no nuisance and no errors.”
Another key feature of Salestrekker 2.0 is that it will be integrated with, as Salestrekker founder and CEO Dalibor Ivkovic put it, “bank-grade security”.
With Salestrekker 2.0 directly connected to e-mms III through a secured API, data is transmitted and stored in an encrypted format, ensuring the “utmost protection” throughout the process.
Securing application program interfaces (APIs), which are powerful tools used to connect different software systems and automate processes, has become increasingly important in today’s technology landscape.
In part, an unprotected and publicly exposed API led to the 2022 Optus cyberattack, which cost $140 million.
For example, imagine you are eating at a restaurant. You cannot go into the kitchen and cook your own meal. Instead, you order through the waiter who takes it to the kitchen, and the kitchen cooks your meal. The waiter then brings it back to you.
The waiter is like an API. It allows you to interact with the kitchen without having to know how it works. You don't need to know how to cook, and you don't need to know what ingredients are in the meal. You just need to know what you want to eat, and the waiter will take care of the rest.
However, what if the waiter is sick? What if he has a cold and is sneezing all over your food? You would probably not want to eat that meal.
A cyberattack is like a sick waiter. It can infect an API and make it vulnerable to attack. If an attacker exploits this vulnerability, they could gain access to the system that the API is connected to. This could allow them to steal or corrupt data, or even take control of the system.
Salestrekker’s technology essentially gives the waiter a N-95 mask – or better yet, turns the waiter into a robot that can’t get sick at all.
“This not only enhances data security but also streamlines the entire application process,” Sayer said Sayer.
Another important feature of the pilot project is to gather feedback, which is of “utmost importance” to Sayer.
During the trial period, Mortgage Street invites brokers to share detailed insights, including any identified issues or bugs, as well as suggestions for improvements.
Additionally, Sayer welcomes the wish list of features and enhancements that brokers believe would benefit their mortgage brokerage business.
“By actively participating in the Salestrekker 2.0 pilot program within the e-mms III environment, brokers and aggregators will play a pivotal role in shaping the future of this integrated solution,” he said.
“Their feedback and engagement are instrumental in making sure that Salestrekker 2.0 aligns seamlessly with their specific needs, resulting in a more efficient and tailored tool for the mortgage industry.”
Sayer said he looked forward to collaborating with brokers and aggregator partners to make this a mutually beneficial experience.
“Our ultimate goal with this integration is to enhance the user experience by offering an intuitive software solution with fewer clicks, reduced data entry, and increased ease and speed in completing mortgage applications,” he said.
“We are dedicated to providing a cutting-edge platform that simplifies the lending process while prioritising the safety and satisfaction of both brokers and customers.”
