Announcing the new system at the Mortgage Processing Conference in Sydney last month, Bob Hall, CEO of Sandstone Technology, said that LendFast Enterprise fills a longstanding need for a full function, highly scalable loan origination processing solution for major banks and other lending institutions.
âUntil now, major lenders have had to develop their own in-house systems to process high volumes of mortgages, personal loans and credit card applicationsâ Mr Hall says.
âThese projects have historically proven to be extremely expensive, time consuming, resource intensive and risky,â he continues. âBuilding a system capable of managing the complexities of the lending process, together with the interfaces needed to integrate with existing back-end banking systems, credit agencies and distribution agencies, require a great deal of effort.â He says.
LendFast Enterprise, a J2EE enterprise application, enables lenders to process up to three times their current volume of loan applications without increasing staff levels. The system was developed in Australia and allows organisations to process thousands of loan applications each day. It expands on the capabilities provided by Sandstoneâs previous lending systems which are currently used by many regional banks, large credit unions and building societies to process mortgage, personal loan and credit card applications.
LendFast Enterprise interfaces with the companyâs other lending system solutions, including the LendLink LIXI Broker Gateway, Mobile Lender Toolkit and Valuation Management Service which manages the ordering and fulfillment of property valuation requests from a panel of over 2,350 valuers working in 126 valuation firms. This service has a proven ability to decrease valuation costs by over 50% while improving valuation turnaround times to less than one day.