Digitizing the document process

Fintech helps mortgage brokers boost efficiency

Digitizing the document process

One of the fintech revolution’s biggest effects on the mortgage industry has been the automation and digitalization of paperwork, increasing efficiency and making life easier for mortgage professionals.

Since its inception in 2015, FileInvite has aimed to transform how companies receive customer documents. Matt Harley, APAC director at FileInvite, recently chatted with MPA about how the company helps mortgage pros do their jobs better.

“You’ve probably tried to get a loan, and the broker sent you an email with a whole list of things that they want you to download, print out, fill in, hand-sign, send back, sent to your lawyer, get them to sign or witness it – all manual processes,” Harley told MPA.

Harley said that many brokers rely on email for document collection – a largely ineffective strategy, since they may be dealing with hundreds of applications at any given time.

FileInvite allows customers to log into a portal environment and download and fill in forms, collate bank statements, integrate with third-party providers and submit applications from one central location.

Brokers can also be assured that their clients’ information is secure, Harley said.

“We use bank-grade security. There’s a standard called SOC2-Type 2 which we adhere to,” he said. “It’s the highest level of security obtainable around financial data, or any data for that matter, and an independently audited model. As a business, we’ve invested significantly in robust processes and security testing in order to obtain this certification and work with clients across the industry. We have many as clients in APAC and North America, along with the top mortgage aggregators in Australia.”

Read next: Nine tools brokers can use to automate their businesses

FileInvite also recently expanded into the banking market.

“This is great for us because it opens up the sector, and we’re able to work with them hand in hand,” said Jackie Young, FileInvite vice president. “We work directly with key decision-makers who are really excited about new technology, can make decisions quickly and start seeing results from the implementation in short order. We’re able to work with individual brokers all the way through to larger clients, providing a full service across the spectrum.”