Tech for brokers built by a broker

Sydney mortgage broker Virginia Graham of Model Mortgages explains how Cloudsail technologies can help brokers and their business.

What does Cloudsail technologies offer brokers and how it can help their business?
Cloudsail Technologies streamlines the mortgage application process from start to submission. Naturally this reduces time involved in loan processing and validating a lead which allows brokers more time to focus on sales activities including talking to new and existing clients. On average our brokers found our technology saves between 6- 8 hours processing time per loan, as well as hugely improving their customers’ experience.

What was the driver behind creating  your own online application system?
The driver was to make it easier and more convenient for our customers to apply for a home or investment loan. We are pleased to say that our system and processes also greatly benefits the broker, at least as much as it benefits the customer, which was and is our main driver.
Our technology enables the customers loan application to be submitted to the lender much more quickly.

Not too long ago most brokers, ourselves included, were collecting client’s information on a 15 or 20 page loan application form, then inputting data into the CRM and subsequently inputting the detail for a 2nd time into a format, such as Apply Online, that is suitable to lodge electronically to the lender. We then set up a web form that only collected partial data, however with the best intention it was not sophisticated enough at the time to allow our clients to apply via their smart phones or tablet and it fell somewhat short of including all of the data we needed for key areas such as automating a number of compliance documentation and fulfilling Apply Online. Which is where Cloudsail Technologies came to the fore. Clients now only need to provide information once, at their convenience and the new process is much faster for the broker too.
How do use technology in your brokerage, Model Mortgages?
We use technology in our mortgage business in a lot of different ways; Cloudsail offers us the technology to have all of the required broker software platforms work in a streamlined and integrated manner. 

We also heavily use secure cloud based software for filing confidential information included in the application and supporting documentation.

What does the mortgage application involve for your client from start to finish and how does tech feature?
First up our clients can quickly and easily provide their info by way of our web link via their smartphone, tablet, desktop or laptop. Our clients tell us this typically takes them around 15 minutes to complete which also allows them to upload their supporting documentation which is securely held in Cloud software. Importantly the link also has a ‘save and return’ feature so our client can come back in need if they are missing any of the information to hand. 
Once submitted by the client, the data sails into our CRM; automatically sending the customer a credit guide as well as sending us a PDF of the customer’s needs analysis. 

Our CRM then holds all of the customers’ loan application details as well as relevant calculators. 
Subsequently, the data sails from our CRM into Apply Online, which then requires a brief broker overview before a pre-populated application, document checklist and consent forms, along with the credit proposal disclosure, are emailed to the client.

Find out more about Cloudsail Technologies here

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