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How Fintech Is Disrupting the Mortgage Industry with Intelligent Credit Technology

Mortgage Application Processing in 15 Minutes

Recently, Shore Financial partnered with Australian Mortgage to revolutionise the mortgage process by adopting its Intelligent Credit technology. 

This innovative system verifies an applicant’s information and uses its proprietary credit decision algorithms to provide a verified approval. This is one of the best examples of fintech working in tandem with experienced Shore Financial mortgage brokers to create a more efficient process.

The first innovation that technology allows is very simple: the benefit of the doubt. Because modern tech reduces lenders’ risk by building more accurate buyer profiles for customers, lending professionals using Intelligent Credit technology can issue verified approvals upfront. 

This avoids lengthy, time-consuming delays that usually slow down the home loan process. Even the borrower’s signature can be done digitally, saving traffic time and missed appointments.

It allows the home loan process to keep pace with the speed of everyday modern commerce. Before this, people had to completely drop out of life to begin the process of buying a home. Lenders were often caught behind a mountain of approval paperwork, and buyers were left out in the cold. 

What Faster Mortgage Approval Means for You

While Intelligent Credit takes 15 minutes, traditional banks’ conditional pre-approvals take, on average, 16 days to complete. 

By harnessing artificial intelligence (AI), we will be able to save our customers precious time. Homebuyers are also empowered to make confident offers on a home or investment property.

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Dana Fraser - Shore Financial

Case in point: One of our Senior Credit Advisors, Dana Fraser, approved a home loan for the Parker family on the spot, giving them the leverage they needed to move forward with the rest of the process. 

“Clients don’t need to provide as much information and there is less red tape. Using this technology, it provides a holistic to the whole application process.” – Dana Fraser

The verified approval was enough to help the Parkers move past the other traditional delays that might other lengthen or even kill the home loan process.

Another difference in Intelligent Credit is that the verified approval process can be more accurate than the traditional approval process. 

About 90% of pre-approved loan amounts in the traditional process are varied on formal approval. This is not the case with the verified approvals of Intelligent Credit. The trusted digital partners, alongside proprietary credit decision algorithms, solidify the process.

Homebuyers can also be more confident moving forward when the verification process is fully digitised. The accuracy of AI means that verified approvals speak very precisely to the ability of a buyer to actually purchase a home. Everyone down the line can move forward more quickly knowing that the major scrutiny has already been done.

The Parkers were able to take advantage of the benefits of their low-cost loan much more quickly than in a traditional process. This is the technology that can completely disrupt the home loan market.

As the fastest-growing mortgage brokerage in Sydney, Shore Financial has built its reputation on providing cutting-edge services to its clients. We are adopting Australian Mortgage’s Intelligent Credit because we saw the opportunity to give our customers a faster, more efficient process. The use of AI also helps with risk management, creating a process that everyone can rely on.

If you are in the market for a home loan, you owe it to yourself to consider these new technologies. Fintech, especially tech that adds convenience and speed to the process, will soon become the norm. 

Will you be stuck in the world of traditional home loans, waiting weeks and months just to receive verification of your ability to borrow? Don’t let an antiquated process stop you from getting the real estate that you want. 

Give us a call or an email to learn how we can help you get the home of your dreams faster than any other broker on the market.

 

Disclaimer: This is general information only and should not be taken as financial advice. Please speak to a Shore financial planning professional before making a decision on your home loan.

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