Let’s talk about Digital Mortgages
A major part of the process of buying a property is getting a mortgage. As many of us know, this is extremely time consuming and stressful. Lenders have been using incredibly outdated systems and procedures to get applications from start to finish. Paper, Paper and more paper are the order of the day with a mass of duplication and time-wasting on behalf of the purchaser.
Covid has helped accelerate the advancement of some digital platforms that are in the market and have digitised the mortgage process (once combined with Transact). Credit Logic is one such platform. In the summer of 2021, they signed a deal with Permanent TSB that will enable the Bank to use its digital platform as their CRM for mortgages. You can read more about that here.
They also sell directly to mortgage brokers and this enables customers to now upload all their documents, take photos of IDs and other previously post based documents and get much great transparency on where they are in the mortgage journey. It has significantly reduced the amount of time it takes to complete a mortgage applications.
“At the heart of our platform is task automation and analytics to automate antiquated processes so we can speed up the process and provide a greater level of cost savings for our customers, some of which are very eager for us to start providing other products in areas such as consumer finance.”Eddie Dillon Credit Logic CEO.
Transact have combined with Credit Logic users, Broker Assist, to provide Irelands first real end to end property journey. We combined the front end digitisation of the mortgage process with the sales and legal journey to give consumers a comprehensive, real-time, digital experience. This has seen a step-change in the amount of admin and time to complete a property sale – reducing both by over 50%!
We hope that many more lenders adopt these new digital technologies that are revolutionising everything about the property buying process.