With the launch of Evolution, Octagon Solutions has simplified the process of applying for a bond. South African bond originators will now be able to capture a home loan application in all its complexity, pre-validate the applicant, submit the information online to the financial institution and receive approvals electronically.
Greg Brill, Octagon Holdings MD, says the new product evolved from analysing the specific needs of bond originators. "Electronic approvals are sent back to the client automatically while the process of tracking bond application progress will be electronically managed through financial institutions, the bond attorney and the conveyancer," he adds.
According to Brill, Evolution was developed by Octagon specifically for SA bond originators and embraces the latest Web technologies, allowing effective utilisation of software over the Internet.
"Lead generators and consultants can also now capture applications offline, scan all the relevant documentation and submit the entire application via the Internet, saving their firms the expense of having an enterprise software solution running on all workstations laptops and mobile devices," he comments.
"This reduces connectivity time and saves the originator the time it would normally take to capture the application data (about 20 minutes per application). It also means no more lost or incomplete faxes, allowing significant saving in productivity and direct communication costs." The initial roll-out of the program will be to one of the Loanlink Group companies, Wizard Financial Services - with 46 franchises nationally. Quantro Financial Services also forms part of this group," says Brill.
Evolution allows clients to draw a variety of functional reports in real-time and draw specific statistics pertaining to the industry in general. "This will provide a tool that enables them to interpret market share and determine month on month productivity and growth," he notes.
Architecturally, the system has been designed to provide real-time information from a real-time, centralised database housed in a fully redundant and secure environment.
In addition, the estate agent can use the desktop product E-Properties, which integrates to Evolution to submit home loan applications. Octagon currently has 450 estate agents using the product to access deeds offices, ITC, KreditInform, Experian and other information sources.
Octagon has more than 3 000 companies using their credit-related software processing 2.5 million transactions a month through the Web.
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