Finology is integrating Experian credit data in its Loanplus platform, a patented mortgage pre-approval platform which is widely used by property developers and real estate agents in Malaysia, to accelerate pre-approved home loans to the property industry.
The introduction of a new integrated platform is timely in light of the challenging economy situation and the impact on property markets. It also supports the call of property experts to leverage on property investments given expected low property prices.
In a statement, Dawn Lai, CEO of Experian Information Services (Malaysia), said, they are pleased to play a vital and complementary role as a primary credit information provider on Finology’s Loanplus, a leading technology platform.
“Combining Experian’s credit reports and Finology’s mortgage pre-approval solution, the new platform will enable consumers to be best matched in terms of eligibility, greatly improving customer experience and outcome,” Lai said.
Lai also stressed that Experian hopes this solution will lead to a positive social impact in accelerating affordable and sustainable home ownership in Malaysia.
“Consumers are guided through a seamless digital experience, which informs on their decision to take on credit in critical life decisions such as property ownership,” she added.
Loanplus is designed to accelerate and best match purchasers’ affordability with property loans so they may confidently place property bookings while understanding more about their loan eligibility.
Furthermore, lenders are assured of credit-worthy customers while property developers can improve their conversion rates for bookings.
According to Robin Ang, Commercial Director of Finology, with the integration of Experian’s credit data as the primary credit report provider on Loanplus, it enhances the entire loan evaluation and origination process, bringing buyers, lenders and sellers together in a more efficient way through a seamless digital experience.
“Our technology ensures that evaluation results from 17 financial institutions can be provided anytime, anywhere within 10 minutes. Property developers can also digitally submit loan applications directly to banks via the platform to maintain visibility of the prospective buyer’s loan eligibility at the early stages of the buying process,” Ang explained.
Ang also commented that to receive an indicative pre-approval, the potential buyer provides the same information as they would when applying with a bank. Together with the data extracted and verified from Experian, Loanplus performs mortgage pre-approval evaluations according to the underwriting criteria set by various banks to produce instant results.
“In cases where buyers are ineligible for a loan, advice is provided on how to improve their chances of securing a loan in the near future. This will assist buyers in making better decisions and set them on a better standing for future application,” he said.
In 2019, Loanplus received some RM1.46 billion worth of mortgage pre-approval requests and the platform is projected to process more than 10,000 mortgage applications in 2020.
Loanplus is committed to drive momentum in the property markets, forge new partnerships and help many more businesses, public bodies and consumers with their property investments. It also aims to expand Loanplus services across Asia-Pacific.