Heritage Bank announced a partnership with global information services company Experian to introduce a new loans origination platform that will cut the processing time for the average home loan application by up to 80 per cent.
Loan applicants will enjoy a much faster and simpler experience thanks to the new platform, providing one interface to connect the multiple programs required to load and process an application.
The platform will cut the average time needed to load, process and assess a standard application through our branches from about five business days to roughly one business day.
Heritage and Experian will work closely together over the next 12 months to roll-out the platform, which will be used for both home loans and personal loans.
The platform incorporates a new credit decisioning solution, which will cut down the assessment timeframes through auto-approvals for eligible loans.
Borrowers will also be able to load applications and supporting documents online, speeding up the application process and improving the overall customer experience.
The first phase of implementation gives individuals information on their borrowing capacity in as little as 10 minutes.
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Heritage CEO Peter Lock said the new platform would lead to a faster, more seamless and consistent experience for customers, mortgage brokers and staff members.
“Buying a home or a new car is a big moment in people’s lives and we want to make the process as simple and easy as possible,” Mr Lock said.
“We’re thrilled to partner with Experian to implement the new platform, as it will streamline our loan process and make it quicker and easier for everyone.
“It will be much less cumbersome to load the application in the first place, and the assessment will also be much more efficient, so we can get loans approved much more quickly.
“It’s exciting to work with the great team at Experian, who have already done some tremendous work in helping us rollout the first phase of the new platform.”
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