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Automated mortgage applications

Faster and more accurate way for mortgage underwriters to assess affordability


automated mortgage applications

Problem

Mortgage affordability assessments can involve lengthy form-filling, multiple in-person meetings, document sourcing and estimates of expenditure patterns.

Solution

FriendlyScore’s comprehensive affordability solution helps lenders reduce friction in the mortgage application process.

FriendlyScore’s solution integrates seamlessly into lender workflows to assist at each step of the mortgage application process

Pre-approval


Liquidity and cash flow patterns available immediately for use as part of an initial eligibility assessment

Form-Filling


Extract key information such as income, expenditure and employment data for faster processes

Due Diligence


Since data is extracted directly from customer’s bank accounts, the need to source verification documents is largely eliminated

Underwriting


Complete assessment which allows the lender to apply both affordability and credibility measures into the final decision

Benefits

Automated mortgage application

Automated Data Extraction


Pre-populate mortgage application forms through automated extraction of accurate income, expenditure and employment data

Instant Verification


Extracting data directly from the customer’s bank account side-steps the need to source verification documents for e.g. salary or employment details

Affordability Assessment


Identify key income and expenditure patterns which factor into the affordability decision, such as an income stability and current financial obligations

Affordability Score


Determine the probability an individual’s balance hitting zero within three months and therefore obtain a powerful indicator of customer affordability

Analytics & Visualisation


Monitor cash flows and key business metrics, such as sales, expenses and payroll

Improved Customer Experience


By reducing friction along the mortgage application journey, FriendlyScore is able to help lenders improve decision times and provide an enhanced customer experience to the borrower.

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