New tech aims to cut time for lender to process mortgage applications

PHOTO: Automated Real-Time Digital Mortgage Application and Decisioning Engine – Nano Digital Home Loans

Consumer demand for digital services has generated significant investment in a new type of patented technology designed to dramatically cut the time it takes for lenders to process a mortgage application.

The patent owned by Sydney-based Nano Digital Home Loans, was backed with A$33 million series-A investment by New Zealand private investor Bolton Equities, while the Sydney-based company was run by New Zealand chief executive and co-founder Andrew Walker.

The product called the Automated Real-Time Digital Mortgage Application and Decisioning Engine was patented in Australia last month.

“Many are claiming to be digital, but a website application sitting on top of yesterday’s broken processes is not the future,” Walker said.

The key to Nano’s technology was open banking and a process called screen scraping, which gave it access to customer banking information held by other financial institutions.

“We get one time access through a portal to the applicant’s online banking details,” Walker said.

That data was then processed in real time, giving Nano a quick snapshot of a customer’s finances, income and expenses, in order to form a credit profile and write a home mortgage in about 15 minutes.

“Our patented technology platform and proprietary algorithms replace weeks of manual effort, rework and frustration with a fast, seamless, paper-free process.”