Over a double-shot cappuccino: Elliot talks us through what goes on behind the scenes of finance applications.

Document collaboration, detail checking and, of course, getting it right the first time to keep all those concerned happy – and on the same page.

Previously working as a mortgage broker, Elliot took on the role of Support Team Leader at Nodifi in early 2020. Needless to say, it was an interesting time to take the reins, experiencing the impacts of COVID followed by record breaking settlement months.

Key Takeaways

  • Understanding application requirements can help streamline the process
  • The pandemic has been kind to digitising lender processes
  • Clear documentation is the best kind of documentation
  • Get the full understanding of your client’s finances
  • Simple errors can result in delays

1: You and the team are all about speed and efficiency. What’s the easiest way a broker can save a client’s time during the application process?

We pride ourselves on ensuring our partners know what and when the client needs to provide required documentation for their application. These are typically detailed upon submission, or once the loan is approved, pending any conditions for settlement.

Understanding application requirements, including conditionals, can help streamline the process. Our approval notification PDF and document signing instruction PDF detail the required documents to get your client to the nearest checkpoint. Insurance, loan contract signing and ID verification requirements can vary from lender to lender.

2: With things moving out of the COVID pandemic (hopefully), processes and requirements are changing. Is there anything that brokers should be aware of?

The pandemic’s silver lining is that processes were digitised to cater for the restrictions that the lockdowns imposed. These include, electronic signatures, digital IDs and bank statement verification. It’s also allowed lenders to be agile in the event of change, something that has been evident over the last 12 months.

At the end of the day, these digital solutions have delivered a more streamlined and efficient process, providing partners and their clients a better experience.

3: If a broker’s plan is to make things as fast and as smooth as possible, what should they be doing when submitting documents and information?

When submitting documentation to Nodifi, the platform is the fastest and easiest way to do so. When uploaded through the platform, the information is instantly linked to the client’s profile and any supporting comments are delivered to our credit team to assess.

Ensuring required documentation is in PDF format and is clear and fully readable, ensures an efficient process and reduces the risk of documents needing to be resupplied.

In other words; the clearer, the better.

4: Having an application knocked back is not the best experience for clients. Tell us some quick points to minimise this scenario.

Disclosing and fully understanding the financial circumstances of the client, highlighting the concerns and showing how these concerns can be mitigated by other circumstances within the client’s financials can help cement the most suitable lender selection.

Understanding repayment history for any currently active or previously active liabilities is also important.

With this information being fully understood when we receive the application, we can better select the most suitable lender options for the client. This can dramatically reduce the chance of a decline.

5: Finally, complete this sentence: The best outcome for all concerned is achieved by…

Accuracy. The accuracy of client data and information can make the biggest difference when a loan is being processed. The accuracy and the details can shave days off of the processing times and can result in cleaner approvals.

Examples of common errors can be simple spelling with email addresses and street addresses, the age and expiration dates of documents such as payslips and drivers licences and right down to the current financial status of the applicant.

Other coffee chats

In previous coffee chats, we talked to Chris Sims, Chief Product Officer, on the importance and benefits of technology in finance and business. Tim Wells, Chief Operating Officer, also explained key issues like how to avoid losing clients, COVID recovery data and BID.

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