The real estate research and technology company says its new online platform, Property Hub 2.0, will improve transparency and efficiency between lenders, customers, and brokers. The online software is targeted at lenders, and will be rolled out across New Zealand in the next few months.
The platform allows lenders, borrowers and brokers to share information and track up-to-date data, such as valuations. It allows parties to tap into property ownership details, valuation estimates, transaction history, and other market research that might help a mortgage application.
CoreLogic believes its software will also help Australian and New Zealand lenders deal with additional regulatory and transparency requirements as they handle home loan applications.
The launch comes as turnaround times remain a top concern for mortgage advisers. Respondents to TMM's Annual Adviser Survey said turnaround times were the issue most likely to keep them awake at night. A total of 46% said turnarounds were "an issue of concern". Very few lenders have made any progress with e-lodgement and other forms of new technology to help with turnaround times, advisers said.
Tim Jenner, general manager at CoreLogic GM Banking, said the product had been developed to help banks deal with more discerning and demanding customers. "As consumers become more digitally savvy, there’s been a significant shift in consumer expectations of what service should look like - especially with regards to transparency and engagement. There’s less patience for traditional transactional interactions; instead a desire for a seamless and personalised customer journey.”
“The experience of becoming a home-owner is no exception. The ‘old’ way of applying for a home loan was purely a ‘reactive transactional’ interaction and thankfully, new tech means those days can now be relegated to history," Jenner added.
Jenner said customers with access to property data had a higher rate of successful mortgage applications. "In fact, a control group of brokers delivered a 15% increase in conversion. Transparency delivers confidence and comfort and the data tells that story in black and white."