Athena launches digital mortgage platform through fintech partnership

Athena launches digital mortgage platform through fintech partnership

The mortgage lender has partnered with fintech company Simpology to produce a digital end-to-end mortgage application platform.

The new Loanapp solution was developed in close consultation with brokers and is fully customisable to lender policies and requirements while removing the need for paperwork or in-person meetings in order to streamline the mortgage application process.

The platform allows for pre-verified digital customer data to be uploaded upfront, so that it can be fast-tracked to a mortgage assessor for approval while providing an encrypted secure platform that automates processes and validates data in a secure channel for involved parties to trade info and share updates.

A survey of 1.1 million Australians indicated that 51 per cent of mortgagors find the mortgage approval process as “stressful” while 42 per cent said it was “overwhelming”, with longer wait times feeding into anxiety levels.

Athena’s chief customer officer Cam Bradley stated: “The Loanapp platform helps us to deliver great service to our brokers, it saves brokers time and enables Athena to deliver approvals in hours, not in days.

“Feedback from our brokers has been that the end-to-end digital experience provides brokers with market-leading certainty at submit.”

Chief executive of Simpology, Kate Gubbins, said the fintech was developed with “the customer at the centre”.

“We’re passionate about helping Australians get faster and more convenient loan approvals using the power of digital technology,” Ms Gubbins said.

One of the benefits for brokers as a result of Athena’s partnership with Simpology is that the partnership is a key enabler for application experience and lodgement for the strategic partnership between REA Group and Mortgage Choice with Athena.

The strategic partnership with Mortgage Choice and REA group demonstrates how direct-to-consumer lenders are increasingly seeing the value of brokers.

Athena and Mortgage Choice recently announced a “white label” product relationship. Originally launched as a direct-to-consumer lender in 2019, Athena expanded its reach by launching this new white label offering, its first such agreement.

The new products are expected to hit the market in mid-2023 and will be available through the Mortgage Choice broking network, which will be integrated with Simpology (which are part-owned by REA Group) going forward.

The lender had previously told The Adviser in 2018 that it was keeping the door open for broker partnerships and first started working with the channel in 2021 following its partnership with FAST.

[RELATED: Direct-only lenders embracing broker strength]

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