Athena launches digital mortgage platform through fintech partnership
The mortgage lender has partnered with fintech company Simpology to produce an end-to-end digital mortgage application platform.
The new Loanapp solution was developed in close consultation with brokers and can be fully adapted to lenders’ guidelines and requirements, while removing the need for paperwork or personal meetings to streamline the mortgage application process.
The platform enables pre-verified digital customer data to be uploaded in advance so it can be tracked to a mortgage evaluator for approval while providing an encrypted secure platform that automates processes and validates data in a secure channel for involved parties to trade information and share updates.
A survey of 1.1 million Australians indicated that 51 per cent of mortgage lenders find the mortgage approval process “stressful” while 42 per cent said it was “overwhelming”, with longer wait times leading to anxiety levels.
Athena’s Chief Customer Officer Cam Bradley said: “The Loanapp platform helps us deliver great service to our brokers, it saves brokers time and enables Athena to deliver approvals in hours, not days.
“Feedback from our brokers has been that the end-to-end digital experience gives brokers market-leading security when submitting.”
Simpology CEO Kate Gubbins said fintech was developed with the “customer at the centre”.
“We are passionate about helping Australians get faster and more convenient loan approvals using the power of digital technology,” she said. Gubbins said.
One of the benefits for brokers as a result of Athena’s partnership with Simpology is that the partnership is a key application and submission experience enabler for the strategic partnership between REA Group and Mortgage Choice with Athena.
The strategic partnership with Mortgage Choice and the REA group shows how direct to consumer borrowers increasingly see the value of brokers.
Athena and Mortgage Choice recently announced a “white label” product relationship. Originally launched as a direct-to-consumer lender in 2019, Athena expanded its reach by launching this new white label offering, the first of its kind.
The new products are expected to hit the market in mid-2023 and will be available through the Mortgage Choice broker network, which will be integrated with Simpology (part-owned by REA Group) moving forward.
The lender had previously told The Adviser in 2018 that it was keeping the door open to broker partnerships and would only start working with the channel in 2021 after partnering with FAST.
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