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DAIDEC launches AI home loan processing tool

Aussie fintech DAIDEC Analytics has rolled out a predictive analytics tool for brokers, which assesses and rates home loan applications.

The new solution, D.Tag, uses machine learning to alert brokers of ways to fast-track or improve applications, with the aim of accelerating their approvals.

The product is one component of the D.Suite system, which plugs into customer relationship management (CRM) software, assesses loan applications and rates their likelihood of approval. Brokers will be alerted if they should review and spend more time on applications.

DAIDEC is launching the product to market after completing a pilot with an unnamed broker group.


Roger Dench, chief executive of DAIDEC, commented that his company had focused on circumventing the rebounding of applications (for example, due to requests for further information) between the lender, broker and customer.

The tool has reportedly helped to cut down on the number of tasks that ordinarily would be completed by multiple people during the mortgage application process. 

“It takes about 100 tasks to get a home loan approved and all along the chain, time and cost inefficiencies can occur and be magnified,” Mr Dench said.

“Each of these pain points can lead to frustration for the borrower, blow out the costs for the broker and delay the approval by the lender.”

DAIDEC’s analysis for one client found that 16 per cent of loans took up 64 per cent of their brokers’ time, and this was often the case in the home loan market.

“Brokers are spending most of their time on the wrong loans – but they don’t know which ones are the wrong loans until it’s too late, and they’re jamming up the system,” Mr Dench said.

He added the review and refer assessment on loan applications from the D.Tag tool will be the “true money-earner” for brokers, because it could tell them if there are potential problems and more time needed.

“It doesn’t mean it’s a bad loan and it’s going to be rejected – we do not play in the credit-score space – it’s just a warning to the broker that it’s going to take up a bit more of their time, and probably require specialist experience,” Mr Dench said.

“The D.Tag helps the broker by giving them a forward lens on the quality of application that they have in front of them, and where there might be problems, such that they can, where it’s needed, build a higher-quality application, before the loan is submitted. The system anticipates any approval problems and pre-empts them.”

The product could help brokers combat uncertainty around turnaround times, an issue broadly causing angst in the industry.

“At the moment, brokers can’t give their customers any confidence on how long approvals will take to get through, because everyone is being swamped on volume and brokers can’t possibly know which applications will cause the most problems,” Mr Dench said.

Although it has been marketed for analysing home loans, DAIDEC has said the D.Tag tool is readily transferable to business loans and will, in time, be applicable to similar jurisdictions with similar mortgage products to Australia.

[Related: Nimo teams with mortgage settlement tech]

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