Mortgage providers face challenges which cause potential clients to drop out of the onboarding process. These are processes that take too long or do not provide the applicant with a proper insight into the mortgage application process. Traditionally, it can take more than 20 days to grant a mortgage loan. Consumers need to go through a long manual process with many steps until they are finally given any feedback on their mortgage application. The leading reasons for delays in mortgage origination are manual checks on client identity and credit checks and manual analysis of mortgage loan related documents.
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In Close Origination, almost the entire mortgage application process is treated automatically, 24 hours a day, 7 days a week. Applicants are informed about success of their mortgage loan application within several minutes after submitting it via a portal, website or advisory software (via HDN). This enables any mortgage provider to maximize the straight through processing ratios, increase effectivity and boost profits. Within Close Origination, the application is being processed in 10 steps ranging from automatic data extraction of IDs, salary slips or bank statements, checks with internal and external sources, automatic and manual assessment of the application and the eventual offer and payment. All conventional mortgage products are being supported.
Our expertise in mortgage origination involves full knowledge of the Dutch and Belgian regulations and legislation, knowledge and connection to BKR (Bureau Kredietregistratie - largest credit information database in the Netherlands) and NBB (National Bank of Belgium), handling stipulations (Dutch and Belgian documents), fully understanding what risk analysis means and understanding the Dutch and Belgian lending market both from the customer and broker (branch) lending point of view.
Close Origination enables your organization to excessively shorten the mortgage application process, keeps the applicants informed about the status of the application throughout the whole process, and provides them with an answer on their loan application within several minutes.