FlowX.AI’s Post

The new digital loan process solution covers existing customers who want refinancing, as well as all types of mortgage applicants who applies for a refinancing certificate. Efforts are already underway to provide real-time solutions for all #mortgage types, including customers looking to switch banks. However, to ensure the quality of the #CreditProcess, some customers may still require manual checks. OBOS-banken | Tietoevry Banking | #DigitalLending | #MortgageProcess

🌟 Big News for Mortgage Brokers! 🌟 Westpac has partnered with NextGen to integrate open banking via ApplyOnline, streamlining home loan processes across its brands. This allows secure, instant access to client financial data, speeding up applications and enabling brokers to focus more on client relationships and growth. Embrace the future of finance with this advanced technology! #OpenBanking #FinanceInnovation #MortgageBrokers

Which Lenders are More Likely to Reach Out to Underserved Consumers: Banks Versus Fintechs Versus Other Nonbanks? Just came across this interesting article in the Journal of Alternative Finance. Dolson and Dagtiani (2023) showed that 'Fintech firms are more likely than banks to offer mortgage credit to consumers with lower-income, lower-credit scores, and those who have been denied credit in the recent past.' Crucially, this is allied with an earlier 2019 study (Dagtiani and Lemieux) demonstrating that 'fintech lenders could potentially fill the credit gap through their superior ability to identify creditworthy borrowers from the subprime pool.' Gradually, Open Banking is making a difference... https://lnkd.in/eP4H69DP Thanks to Rotem Shneor. Stephen Ashworth and Andrew Bonsall, Samuel Manning - any thoughts? #openbanking #financialinclusion #obdelivery

Congratulations to Westpac and NextGen (parent entity of Accredited Data Recipient Frollo) for facilitating mortgage brokers to exercise their "Trusted Adviser" access pathway onto the #ConsumerDataRight rails, so more Australians can get the right home loan product! As reported by Adrian Suljanovic for The Adviser Magazine, Westpac and NextGen have entered a partnership to give mortgage brokers and their customers access to #openbanking for home loan applications across all of the major bank’s brands (Westpac, St.George, Bank of Melbourne, and BankSA). The partnership will see Westpac integrate open banking data through NextGen’s loan lodgement platform, ApplyOnline. This allows mortgage brokers to receive instant and secure access to their client’s financial data from over 110 participating lenders and streamline the initial stages of the home loan application process. Westpac joins Commonwealth Bank as the second major bank to enable open banking for mortgage brokers after CBA partnered with NextGen in September 2023. Head of broker distribution at Westpac, Warren Shaw, commented on the new partnership, saying: “Empowering our brokers and customers to auto populate a range of critical data into applications leads to less rework and therefore, improved decision times. “Not only is it simpler and faster for customers to share their data in this way, but it saves broker’s valuable time so they can focus on building relationships and growing their business.” Tony Carn, chief customer officer at NextGen, said the partnership is a “win-win” for both customers and brokers. Simon Docherty Louise Dobson Tony Thrassis Paulette Parker Piet van den Boer #openfinance #opendata #CDR #fintech

Looks like Australian mortgage brokers are pivoting towards using open banking to gather customer data, in preference to more traditional screen scraping methods.  . In this CFOTech article from TechDay Australia, the benefits of the shift are cited as streamlined processes,  improved data accuracy and customer experience.  . Are you a bank using Open Banking to provide data to mortgage brokers? Are you seeing an increase in mortgage brokers accessing customer data in this way? https://lnkd.in/gbKjdN77

NextGen has reported a significant shift in the mortgage broking industry as Open Banking is rapidly superseding traditional screen scraping methods. https://bit.ly/3TpbcH1 The last half year has shown an increasing embrace of the service. "The number of brokers with access to NextGen's Open Banking has tripled", Tony Carn said, "With our latest software release, we're reaching over 30 percent of brokers nationwide. It's not just a spike; it's a sustained climb that's reshaping our industry." #openbanking #CDR #mortgageindustry #technology #digitaltransformation #makelendingeasy #applyonline #nextgen

📰 We are excited to share that Mastercard Open Banking powered Mortgage Verification Service has been included in Fannie Mae's new income and employment enhancement. With a single source of open banking data, lenders can now validate income and employment, in addition to asset validation, rent payment history, and cash flow enhancement. This will improve speed to assess an applicant but also enhance the borrower customer experience. 👇🏽 To learn more about how #openbanking data can enhance the lending process check out the link in comments.

Mortgage Brokers are on the rise as Bank Branches decline. Embracing the digital era has been key for me in transforming the mortgage experience for my clients. They appreciate the convenience of exploring various mortgage products with ease. #DigitalTransformation #Mortgages #Finance

Consumer banking has embraced the digital revolution – and now, there’s increasing impetus for the mortgage sector to do the same through greater levels of automation. Join us for a day of debate and discussion on mortgage innovation, the future of property risk and safer pathways to boosting automation rates at our Mortgage Innovation: Data and Risk Summit on 12th September. Listen to leading data and risk experts, as they discuss the reasons why mortgage lenders should adopt a digital-first approach to mortgage decisioning, including: ✅ Being able to help customers understand the risks attached to their property purchase at an early stage ✅ Bringing greater transparency to property risk profiles by having auditable searches, explainable results and consistent outcomes ✅ Generating around 60% savings on successful applications ✅ Saving money on aborted applications by identifying property risks much earlier ✅ Delivering a ‘yes’ or ‘no’ decision to the customer in minutes instead of weeks Reserve your place now: https://bit.ly/4dbgnTF

The article discusses the significant decline in physical bank branches in Australia, as reported in the 2024 Points of Presence Statistics by APRA. Since 2017, over 2,000 branches have closed, with a 41% drop in branches overall, including a 36% reduction in regional and remote areas. The closure rate has slowed slightly, with a 6% decrease from June 2023 to June 2024. This provides a great opportunity for the mortgage broking community.