Buying a house is a complex process that often causes a great deal of stress and anxiety. It’s therefore no surprise that many people consult a mortgage advisor. Then, it’s up to the advisor and the mortgage provider to offer the customer certainty about the financing, as quickly as possible. In the most ideal situation, the advisor assesses a mortgage application prior to its submission, against the latest and complete acceptance policy of the intended mortgage provider. Then the advisor submits the application along with all the necessary documentation. The mortgage provider can then immediately issue a binding mortgage offer. The case is then ‘first time right’. The customer more quickly has certainty about their desired financing, and the turnaround times in the acceptance process are significantly reduced. Ideal for the customer and the mortgage sector. Blueriq makes this possible by providing the mortgage advisor — as early as the advice stage — with the acceptance framework that mortgage providers themselves use to assess applications.
Early Validation ensures that more valuable information is provided at the earliest stage of the mortgage process. This prevents suprises at a later stage of the proces and provides more grip and control for consultants and customers. By applying Early Validation, the consultant also makes sure that as few applications as possible are submitted for which it is not yet certain how the mortgage provider will respond. This improves lead times at mortgage providers and servicers, who therefore have more time for the cases where human intervention is really needed. They also save a lot of costs with this efficiency gain.
By assessing the mortgage application against the acceptance framework of the mortgage provider prior to its submission, the drop out rate is kept to a minimum and turnaround times reduced.
Mortgage applications are less dependent on the knowledge and expertise in employee’s heads and on outdated paper mortgage guides but are based on agreed acceptance rules. This means that a single source of truth is created in the chain.
A higher percentage of cases are 'first time right’, because any inaccuracies or omissions in the application or required documentation are flagged up before the application is submitted
Servicers and Service Providers can work more efficiently and predictably, and mortgage advisors can improve their added value as advisor.
By making it possible to validate and assess earlier in the process, customers have certainty more quickly, thus helping to reduce stress.
Leon van Vliet CEO Intersoftware (Adviesbox, FinData)
“We believe in the power of platforms and recognise that results can only be achieved in the ecosystem of financial services through collaboration. The FinEngine from Blueriq is an important component of the Validator and is therefore integrated as an existing solution. Blueriq’s knowledge and experience has delivered a stable solution in a short time frame. FinData couldn’t have done this on its own.”
The Early Validation & Acceptance solution is part of a series called FinEngines, which provides all the necessary elements for a more efficient service provision. The Blueriq FinEngines ensure a consistent assessment of customer data throughout the chain. Consider, for example, the assessment of income, net expenditure and acceptance rules. The assessments of all FinEngines together determine the probability of success of a mortgage application.Request more information