The next step: mortgage platforms
Inefficiencies within the Australian mortgage market could see the integrated platform model that has been so successful in the local wealth management industry be introduced by lenders.
A white paper produced by FujitsuAustraliaandNew Zealand in association with RP Data Valuation & Risk Services highlighted existing inefficiencies in cost levels, application turnaround times and product innovation and showed that there were many opportunities available to early adopters of a mortgage platform.
The report, titled the Next Generation Mortgage Platform, said mortgage platforms were able to set lending policies, specify lending processes, provide faster and less expensive valuation products and automate the management of the mortgage life cycle.
The report suggests that the mortgage industry draw on the experiences of the wealth management industry in setting up platforms, which has resulted in “greater access to more investment products and a reduction in manual labour, freeing advisers to focus on providing better investment advice to clients”.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
