LendFast provides tangible benefits to Adelaide Bank’s brokers

Benefits include a simpler process and faster turnaround times

July 11, 2017 | News

In an article appearing in Australian Broker on July 6 2017, Adelaide Bank attributes benefits it is seeing through its broker channel to the deployment of its new loan origination system. The full article can be read here.

Key points from the article include:

  • Adelaide Bank has unveiled a new loan origination system with benefits for brokers including a simpler process and faster turnaround times
  • The platform (LendFast) has been built by Sandstone Technology and is currently being rolled out to different broker groups associated with the bank
  • LendFast will allow brokers to upload files in an ordered fashion and would act as a LIXI gateway that connects with current platforms such as LoanConnect and ApplyOnline+.

Quotes from Damian Percy, Head of Third Party Banking at Adelaide Bank

“It’s a fairly contemporary, straight through processing model and is an upgrade to the way that we’ve traditionally done business. This is the next iteration. It goes end to end so the broker data and documents, once uploaded, go through the system with relatively low touch. The whole idea is to deliver variability and cost and deliver a much faster turnaround time.”

“What the Sandstone system does is it automates to a large extent many of those elements of the process that can cause delays today. It is about getting things like LMI and valuations, including automatic valuations, done near enough to instantly.”

“These kinds of systems seem to have a fair degree of emphasis on making sure that everything is tikkediboo and in place before lending staff and assessors look at it.”

“You want to be agnostic as to the tools that brokers and others may be using at the front-end.”