A leading technology service provider says the common belief that specialist loans are more complex than vanilla home loans is incorrect.
Speaking about non-bank lender Pepper’s one-day turnaround times achieved with NextGen.Net’s ApplyOnline Supporting Documents service, NextGen.Net sales director Tony Carn said technology is making the specialist lending space simpler for brokers.
“It is often assumed that a specialist loan is more complex than a prime loan,” Mr Carn said.
“The fact is that often they’re not and Pepper is renowned for making the process very simple,” he said.
“They have a great offering and they use technology well to make it an easy, simple and transparent process.”
Pepper originates 95 per cent of its loans through the broker channel and uses ApplyOnline to process loans all the way to settlement.
“We’re currently turning around applications in one day,” Pepper’s director, sales and distribution, Mario Rehayem said.
“When we receive an application from our advocates (brokers who use us most and know what we require), we can turn an application around the same day – which is market leading.”
NextGen’s Mr Carn said implementing the Supporting Docs service will make it an automated process for Pepper.
Mr Rehayem said the ApplyOnline Supporting Documents service is “the new norm”.
“Anyone who doesn’t have it will soon be the odd one out,” he said.