New technology to cut mortgage application processing time

mortgage application

The product called the Automated Real-Time Digital Mortgage Application and Decisioning Engine was patented in Australia last month

Consumer demand for digital services has generated significant investment in a new type of patented technology designed to dramatically cut the time it takes for lenders to process a mortgage application.

The patent owned by Sydney-based Nano Digital Home Loans, was backed with A$33 million (US$24.07 million) series-A investment by New Zealand private investor Bolton Equities, while the Sydney-based company was run by New Zealand chief executive and co-founder Andrew Walker.

The product called the Automated Real-Time Digital Mortgage Application and Decisioning Engine was patented in Australia last month.

Many are claiming to be digital, but a website application sitting on top of yesterday’s broken processes is not the future, Walker said.

The key to Nano’s technology was open banking and a process called screen scraping, which gave it access to customer banking information held by other financial institutions.

We get one time access through a portal to the applicant’s online banking details, Walker said.

That data was then processed in real time, giving Nano a quick snapshot of a customer’s finances, income and expenses, in order to form a credit profile and write a home mortgage in about 15 minutes.

Our patented technology platform and proprietary algorithms replace weeks of manual effort, rework and frustration with a fast, seamless, paper-free process, he said.

Nano had already written A$100 million (US$72.93 million) in unconditionally approved loans in the first month since the public launch of business in Australia.

This speaks volumes of the market appetite for our disruptive technology, Walker said.

He said: We’re enabling Australian homeowners to break free from outdated traditional systems and experience a new way of securing and managing their mortgage.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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