From application to mortgage within one week
The flow of paperwork from financial institutions must be reduced. This means less manual- and error-prone work and more efficient processes. The integration of the document flow with administration and a clear workflow.
Integrated and automated work process of mortgage applications
Applying for a mortgage consists of several - often confusing - lines of communication and systems. Different - local - lenders work together and make their own mortgage offers. Not only do the various parties (such as Credit Registration Bureau) and systems cause delays because they are not linked, but errors can also easily creep into the process by, for example, manually entering or retyping paper documents. The application for a mortgage can therefore take up to three months. How can we make the mortgage application more efficient for the buyer, the advisor and the lender, so that the buyer knows where they stand sooner?
Help us design the ultimate mortgage process, so that a mortgage application can be organised more quicker and more efficiently for the buyer, advisor and lender. Develop a system in which financial service providers can automatically, efficiently and flawlessly process applications, so that the buyer has a faster answer to the question of whether they can buy the house.
Our approach and solution
The first step is to determine, in consultation with the client, which functionalities do not yet exist but are desirable. In other words, which functionalities does the new software need. Which steps and checks should be automated? With the idea in mind that we could eventually offer the product more widely in the market, so that it could be used by all mortgage lenders in the Netherlands. The requirements were mapped out using an analysis and user stories. After a year of testing and solid analysis, we launched the versatile FORCE Product suite solution and integrated it into the banking landscape.
FORCE Product suite is a single platform that unburdens lenders in the provision and management of mortgages. It is a 'common workspace' in which all parties involved are automatically informed of changes and can add new information themselves. The platform not only focuses on the process surrounding the request for a quotation, but on the entire lifecycle of the mortgage. During the lifetime of the mortgage, the entire portfolio is managed, including, for example, the processing of claims from a construction deposit and redemption of the mortgage. And the buyer? They can log in themselves and see how the mortgage situation is progressing via the customer portal.
Impact with IT
An improved architecture of the mortgage process at financial institutions. The entire work process of mortgage applications is now integrated with Single Sign On and automated. This provides an enormous gain of time and a considerable increase in efficiency. The turnaround time of the entire mortgage process has been shortened with FORCE Product suite. It is less error-sensitive and all process steps automatically comply with the latest laws and regulations. If all information has been submitted, a mortgage offer can even be arranged within one day. It gives the buyer a faster answer, more certainty and insight into their own mortgage situation via the customer portal. Currently 60% of the Dutch market works with the FORCE products.
- 60% of the Dutch market works with FORCE
- Fully automated mortgage application process
- Increased efficiency
- Improved customer experience