Best Mortgage Innovations in Australia | 5-Star Mortgage Innovators
Publication Date: Tuesday, 30 April 2024
This article originally appeared in Australian Broker
Brighten Home Loans
The firm has supercharged its innovation over the past three years by recruiting director and COO Craig Thompson, who now leads a team of 11.
He explains the construction of the tech infrastructure from the ground up in stages:
- CRM: “It gives our BDMs the tools to manage over 4,000 brokers dealing with issues such as certification or accreditation. It was one of the grounding and foundational pieces that we needed to do.”
- Polaris origination system: “We have the ability to support a range of mortgage products and mortgage solutions for our brokers, and we have full control over the IP and the actual roadmap into the future. We’ve built this end-to-end digital platform to ultimately change the customer experience, and we see our customers as our brokers and borrowers.”
The firm’s pace of innovation is not slowing, as it has just released a new broker portal featuring a dashboard with all the information the broker needs to perform a borrower health check.
Thompson encapsulates what all the systems and tech are trying to achieve, underlined by Brighten’s promise to provide SLA responses within 48 hours.
He says, “Ultimately, it’s what the broker wants. They want a consistent and enjoyable experience, which is what we’re aiming to deliver; we want to ensure that no relationships are enriched, that we ultimately get them the answer they need, and as soon as possible.”
Further solutions Brighten utilise are systems to:
- check for credit
- run identity checks
- detect fraud
“We have feedback loops that allow us to, instead of having to contact the broker directly or the broker having to contact us wondering where we are, we’re making it more visible,” Thompson says. “The broker has the tools to know exactly where they are – something like Uber Eats, where you know where your pizza is.”
“There are a lot of better-funded players out there, but pound for pound, Brighten is really quite an impressive organisation. Our technology enriches both the broker and customer experience’”
Craig Thompson
Brighten Home Loans
Constantly refining
In the past 12 months, Brighten has launched three new products.
Thompson says, “We send surveys, ask questions and we listen to that. Last year was a story of bringing a comprehensive suite of lending products designed to not only support PAYG customers but also the self-employed and expats. What we are doing is actually offering products that are very popular but aren’t very common.”
- Resident Construction Loan: Catering to Full Doc Prime, Alt Doc Prime and Expat borrowers, this product features a unique, seamless post-construction conversion process. After construction completion, the loan automatically converts to a standard Full Doc Prime, Alt Doc Prime or Expat loan, ensuring customers benefit from more competitive rates without needing additional paperwork, typically within 9-12 months.
- Non-Resident Construction Loan: Echoing the resident construction loan’s innovative approach, it was created for non-resident customers with foreign income. It addresses the unique challenges faced by this demographic, offering tailored solutions.
- Bridging Loan: Specifically designed to alleviate the stress and uncertainty often associated with buying and selling properties simultaneously.
A new loan servicing solution has recently been brought online. This is another part of the efficiency that Brighten’s innovations are delivering.
Thompson says, “It’s effectively like a core banking solution for our borrowers. They can log on, look at their mortgage, do a redraw if necessary and interact with our customer service team, which is a new feature. They’re able to do a bit more self-service than our previous solution could.”
The ingenuity around the firm’s technology and how it has been constructed to enable Brighton to flourish, as Thompson explains.
“Our platform is highly composable, which means it’s like a bunch of Lego pieces that all connect to each other in the most efficient way,” he says. “It’s highly scalable, very secure and cloud based. Plus, it allows us to pull information from anywhere.”