Heritage Bank to introduce new loan origination platform with Experian

Heritage Bank today announced a partnership with global information services company Experian to introduce a new loan origination platform that will cut the processing time of an average home loan application by up to 80%.

Loan seekers will benefit from a much faster and simpler experience thanks to the new platform, providing an interface to connect the multiple programs needed to load and process an application.

The platform will reduce the average time it takes to load, process and assess a standard request through our branches from about five business days to about one business day.

Heritage and Experian will work closely over the next 12 months to deploy the platform, which will be used for both home and personal loans.

The platform incorporates a new credit decision solution, which will reduce appraisal times through automatic approvals for eligible loans.

Borrowers will also be able to upload applications and supporting documents online, which will speed up the application process and improve the overall customer experience.

The first phase of implementation gives individuals information on their borrowing capacity in less than 10 minutes.

Heritage CEO Peter Lock said the new platform will lead to a faster, more transparent and more consistent experience for clients, mortgage brokers and staff.

“Buying a home or a new car is an important time in people’s lives and we want to make the process as simple and easy as possible,” Lock said.

“We are excited to partner with Experian to implement the new platform as it will streamline our lending process and make it faster and easier for everyone.

“It will be a lot less tedious to load the application in the first place, and the appraisal will also be much more efficient, which will allow us to get loans approved much faster.

“It’s exciting to work with the great Experian team, who have already done a tremendous amount of work to help us deploy the first phase of the new platform. “

Experian’s Managing Director of Decision Making and Analytics, Mathew Demetriou, said: “A complete end-to-end solution in such a highly regulated environment is essential for all businesses as they transform their services. loan to meet the evolving needs of their clients.

“Today, competition is fierce and the customer experience is essential. Combining our data, technology and advice to provide a platform for Heritage transforms their business to meet customer demand safely and quickly.

“The incremental approach to this important transformation reflects Heritage’s commitment to its clients, brokers and staff, enabling strong adoption of the highly effective lending platform.

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