Mortgage Loan Origination

Reduce friction and speed up the mortgage application process.

Easily & smoothly onboard your applicants

Mortgage loan application is a long process that usually takes weeks as it requires gathering information and many documents, and several in-person meetings between the applicant and the lending advisor.
Algoan Chatbot is a conversational tool that allows lenders to dramatically reduce the necessary time to process a mortgage application as the chatbot can simulate a human conversation and can gather main information and documents from the applicant.
Algoan Chatbot credit journey incorporates Open banking data aggregation, KYC and electronic signature technologies to ensure a streamlined mortgage application experience.

Chatbot

Retrieve all of your customer’s financial data

Once all the documents and information are gathered, the lender still needs to take hours to extract meaningful data in order to assess the applicant’s financial situation, its affordability and its creditworthiness.
Algoan Credit Insights is a solution that helps lenders get all the data that matters within a few seconds thanks to Open banking.
Algoan Credit Insights automatically categorizes the applicant’s transactional data into income and expenditure with detailed categories (rent, loan, wage, allowance, etc.).
It gives lenders insights on the financial situation of the applicant by automatically calculating metrics such as the residual income and the debt-to-income ratio.
It also detects credit line drawdowns, payment incidents and other information that lenders would like to take into consideration in order to better assess the credit risk.

Credit Insights

Build your own dashboard for easy decision making

All gathered data through various Algoan solutions can be done via APIs and leveraged directly in the lender’s systems.
It can also be displayed in a Dashboard specifically designed to help lenders in the process of decision making.
Algoan Dashboard is customizable and allows you to display only the data that makes sense to you.
The main benefit is to help lenders save time and increase the lending advisor’s productivity.

Dashboard

Key benefits

Smooth Open banking onboarding

Thanks to Algoan Chatbot, it’s possible to offer a seamless customer onboarding while reducing the need to collect various information through forms and paper documents provided by the applicants.

Process & data Automation

Algoan offers solutions that automate the mortgage loan application processes as well as important financial data extraction (income, expenses, loans, etc.), which used to be done manually by mortgage underwriters.

Automatic affordability assessment

Assessing affordability is a time-consuming process. Algoan solutions offer a way to speed up the process and get main information about incomes and expenses as well as indicators such as the residual income and debt-to-income ratio.

Lighter & quicker due diligence

The mortgage due diligence process can take several days as underwriters need to source several documents. Algoan solutions eliminate a big part of this process. For instance, it’s possible to automatically extract the salary and the employer’s name.

Fraud prevention & reliability

Since the data is directly retrieved from the bank account, there is no room for fraud or document falsification. The data is reliable, and the assessment of affordability is based on the borrower’s real financial situation and its financial behavior.

Are you ready to build the best Open banking credit experience with Algoan today?

Contact our sales team to learn more about our solutions and see how we can help

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