Moneycatcha founder/CEO, Ruth Hatherley, tells MPA about the fintech's end-to-end loan origination solution which enables home loan applications to be processed in just five days
What is Moneycatcha all about?
Our vision is to connect you (people, businesses, organisations) with the truth by creating systems that drive ultimate speed, security and efficiency. We started by fixing an obvious mess inside the loan origination process and then quickly saw a need in the regulation and compliance reporting requirements of financial institutions. Our current platforms are B2B solutions that are configurable to each bank's needs and we have built the platforms with the aim to radically improve the home loan process for all Australians .
What are the biggest issues in the home loan process?
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- REWORK - according to a number of banks we have spoken with, 60% of home loan applications are reworked and according to some lenders, many of those loans are reworked between 9 -11 times. This causes significant delays for the consumer and considerable losses in productivity. We all but eradicate this issue with our Homechain solution. We go direct to the source of truth for verification and validation and we keep the whole end to end process inside one workflow, which doesn't exist anywhere else in the market currently.
- LACK OF TRANSPARENCY AND TRUST - because there are so many participants in the home loan process, back office, front end and external, there are various manual checks and balances that take place. With our technology we create a reliable, trusted set of data that dramatically reduces this issue and has the capability of creating transparency of that data amongst all participants in the home loan ecosystem including banks and regulators.
How is Moneycatcha helping brokers?
- Dramatically reducing the delays in processing meaning their customers can get their funds quicker and the brokers can be paid their commissions earlier
- Reducing the amount of re-work or Missing Information Requests (something we know is a bug bear of all brokers)
- Dramatically reducing the amount of supporting evidence that needs to be supplied to a financial institution for a loan
- Providing an understanding of the eligibility of a loan within minutes not days
How is Moneycatcha’s technology being embraced by lenders?
We have gained a great deal of momentum. We are actively engaged with a number of banks, seven of which have contacted us in the last month and our project plan for 2018 is almost maxed out already! Things are definitely trending in the right direction at an exciting pace!