WAPIT is setting the standard for mortgage application processing solutions.
As one of the leading and fastest growing bond origination companies in SA, Wizard and its technology partner, Octagon, are 100% on track in integrating into all the major banking groups in SA.
December saw the first live applications in effect for Standard Bank, with all the other banks following suit in the New Year. In effect, this will pass pre-validated and creditworthy applications directly into the banks` own application processing systems.
This true value-add technology platform, combined with Wizard`s highly specialised and experienced consultants, has resulted in a highly satisfied clientele.
Wizard clients are always informed of the most favourable package applicable to each individual`s situation in order to make an informed decision. Only if the bank of preference does not approve the transaction, will a next bank be approached - resulting in the only fair and cost-effective negotiation process for all parties concerned.
The backbone of the Wizard operation is an innovative, state-of-the-art application management system, called WAPIT (Wizard Application IT systems). WAPIT is setting the standard for mortgage application processing solutions.
WAPIT, is based on the highly successful FRONTIER credit application workflow system, also developed by Octagon, which is currently installed and used by multiple financial and retail operations throughout SA. It is a tried, tested and proven formula that works.
Chris Green, Marketing Director of Octagon, states: "We have successfully installed WAPIT in more than 25 Wizard franchisees nationally. What makes this a seamless installation procedure is that Octagon is a dedicated IT company that specialises in Credit Application and Financial transaction systems, and together with Wizard`s unique business model as the only franchised mortgage origination company with an excess of 24 franchises nationally, results in the bond applications being professionally managed - from point of origination with value-added services, through the various banking processes, right up to registration. Tracking the progress of the bond has now become as easy as the click of a button."
Eric Mollema, CEO of Wizard, says: "Estate agents have access to the WAPIT system through the e-Properties IT system, also developed by Octagon, that enables them to electronically supply data to Wizard.
"In addition to supplying a financial management process, estate agents or any lead generator, can also do deeds searches, get Title deed document copies online, do credit checks from KreditInform, ITC and Experian; conduct company searches, do cheque verification online and request bank codes. In addition, the facility to evaluate properties online is standard to the system. In so doing, e-Properties reduces the risk of losing a deal before it has even started. We see this as another innovative advantage to those who choose to do business with Wizard."
The Wizard franchise operation runs on a frame relay backbone, supplied by ConnectIT (an Octagon subsidiary), with each office nationally utilising leased-lines and thus remaining in constant touch with each other, the banks, the attorneys and the clients.
"Applications in excess of R400 million per month are being processed by WAPIT," continues Green. "Even though we are achieving such excellent number of applications, we expect an increase of approximately 12% compounded per month as we roll-out to the new franchises coming on board. Already there are six new franchises finalised for the New Year. What makes WAPIT so exciting is that the system workflow has been designed to manage new application types within minutes. This in effect means that besides mortgages, any financial business process or transaction type can be catered for. For example, vehicle finance and credit card applications. Although extremely flexible, it does not do so as the expense of security. Built-in offsite backups, firewall solutions and by using our own secure network protect this valuable client information. On top of this we have a multiple-tiered internal WAPIT security engine with full audit trails of each transaction or part thereof that is processed.
"Image processing and document transfers are standard features, meaning that banks do not have to deal with badly faxed images such as crucial ID information," adds Green.
"Wapit has a built in escalation management system to ensure speed of delivery of applications to banks and a notification engine, which ensures that all participants of an application are informed whenever an event occurs. Powerful communication is essential and the use of SMS, e-mail and/or fax, makes sure this happens. This, together with flexible reporting facilities, generic application capturing and deal tracking features make WAPIT a superbly unique application processing tool for the bond origination community."
In closing, Mollema states: "This is all about the client. Most mortgage originators work very effectively in negotiating competitive rates for their clients. This is not done by playing off one bank against another and then settling with the one that gives the cheapest rate. Rather, each bank has certain criteria that the borrower must meet to qualify for a specific rate reduction. Deposits, client status and even educational standing have a role to play when requesting a discount. The originator`s role is primarily to use its negotiating power, skills and knowledge of bank products and credit criteria and effective value-add-based technology solutions, as provided and developed by Octagon, to obtain the best deal for each individual client."
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