Mortgage application and approval processes are chronically inefficient for consumers, advisors and lenders. While other sectors have embraced the new technology, offering seamless instant experiences, the end-to-end mortgage application process remains inefficient and archaic. Multiple manual checks are needed during the process to identify and authenticate customers, and to validate the financial information they have provided. Data from third-party providers is also reviewed manually, including their credit score, slowing down the process and ultimately delaying the lending decision.
Through the use of a digital application portal and open data and open banking, CL Platform transforms the consumer experience. It reduces the data requirement by at least 50% and the application time for consumers from 4 weeks to less than 30 minutes. CL Platform also enables advisors to process and analyse a greater volume of applicants by automating over 60% of the low value administrative tasks. By automatically processing and analysing application data, CL Platform can pre-screen applications and predict those with a high potential of converting to mortgages. For advisors, CL Platform reduces administration costs by at least 60%, reducing the current time spent on low value administration tasks from 80% to 20%. While for lenders it will reduce the cost of mortgage application processing from 4% to 1% of the agreed mortgage.
CL platform delivers across all sustainability pillars - (i) environmental - digitising a paper intensive process removing 1,000’s of pieces of paper for each application ; (ii) social - promoting and enabling greater financial inclusion via mortgage education and consumer readiness and (iii) economic - providing optimal access among consumer to appropriate levels of personal credit facilitating new home purchase and/or refinancing.
Credit Logic’s vision is to transform the mortgage application process from a document-heavy (average 150 pages), labour-intensive 4-week process to a simple, user-friendly 30-minute activity. Our overall objective is to create an all-in-one mortgage application platform that enables our mortgage provider customers deliver unrivalled mortgage applicant experience and an efficient, scalable operating model
