Mortgage affordability assessments can involve lengthy form-filling, multiple in-person meetings, document sourcing and estimates of expenditure patterns.
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
Liquidity and cash flow patterns available immediately for use as part of an initial eligibility assessment
Extract key information such as income, expenditure and employment data for faster processes
Since data is extracted directly from customer’s bank accounts, the need to source verification documents is largely eliminated
Complete assessment which allows the lender to apply both affordability and credibility measures into the final decision
Pre-populate mortgage application forms through automated extraction of accurate income, expenditure and employment data
Extracting data directly from the customer’s bank account side-steps the need to source verification documents for e.g. salary or employment details
Identify key income and expenditure patterns which factor into the affordability decision, such as an income stability and current financial obligations
Determine the probability an individual’s balance hitting zero within three months and therefore obtain a powerful indicator of customer affordability
Monitor cash flows and key business metrics, such as sales, expenses and payroll
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.
Get in touch with us to find out more