The tool reads a lender’s published ‘electronic guidebook’ - which contains the lender’s dataset requirements and associated validation business logic, print forms, supporting document rules and serviceability metrics - and presents the most up-to-date lender requirements to the end user (i.e. the broker).
Lenders are able to re-configure and re-publish their electronic guidebook when lending requirements change, and originators are able to submit loan applications to the correct requirements without having to read and digest updates from lenders.
Simpology CEO Kate Gubbins told Mortgage Business that Loanapp’s design is reminiscent of Microsoft Office 365, which Simpology used as guiding inspiration.
“We have clean, uncluttered app screens that operate quickly, minimise typing and automatically validate the user’s work. The workflow is optimised for quick navigation with natural and logical steps, shortcuts, dashboards and summaries,” she said.
It is simple design elements such as Loanapp’s ‘live business validation’ that makes a significant difference to the user experience, the CEO noted.
“[Live business validation] is basically, as you type, the system validates what you’re doing ... whereas with comparative tools, you click and the system chugs away for half a minute and presents to you what is missing. Then you have to go back in and change it and do it all over again,” Ms Gubbins said.
“We also focused on the integration between [Loanapp] and the aggregators’ CRM platforms to ensure data transfer is spot on, which is important, because if you don’t have to re-enter the data, it saves a lot of time."
Ms Gubbins additionally noted that the company employed Lambda functionality, which significantly speeds up the time it takes to upload supporting documents.
“There’s a lot of pieces of the puzzle that make it more intuitive and faster,” the Simpology CEO said.
Loanapp’s other key point of differentiation, according to Ms Gubbins, is simply the support that the company provides to the end-user, which she pointed out a lot of competing companies don’t offer.
She noted that Loanapp’s live chat functionality has been very well-received by brokers as it allows them to get technical assistance on demand.
To date, nine lenders have integrated the e-lodgement solution into their systems, including the Bank of New Zealand, with a major Australian bank set to switch on Loanapp in the coming weeks, according to Ms Gubbins.
Aggregators such as AFG and Connective have also incorporated Loanapp into their CRM systems, and additional integrations are being finalised with six other aggregators.
Loanapp is currently accessible to 5,000 brokers, according to the Simpology CEO, and is expected to reach a majority of the 13,000-strong broker market in the medium term.
Acknowledging the regulatory changes taking place in the financial services industry, Ms Gubbins said advances in machine learning, third-party API services, and open banking will make it easier to automate processes that guarantee compliance and quality of data, which is “exciting” for Simpology as an innovator.
“Our close ties with LIXI and [its] industry standard for data exchange ensure that we are better placed to innovate than those that employ proprietary data formats. We have a huge opportunity to re-design the end-user experience to be easier while creating efficiencies in lender processing,” the CEO said.
As for the future of Loanapp, Ms Gubbins said its “roadmap is bursting”, with a range of new functionality to be added over time.
“We have so many parties working with us now that our total focus is on delivering a fabulous platform and support model that makes a positive impact on their efficiencies and distribution strategies,” she said.
[Related: Aggregator launches new tech platform]