Online bond aggregator platform MortgageMe has partnered with Lightstone Property, a provider of residential and commercial property intelligence and reporting solutions, to enable a smoother home-ownership journey.
MortgageMe, a subsidiary of proptech firm e4 that launched in 2019, focuses on digitising the traditional paper-based bond origination process.
There are two main offerings on the platform: the application for a mortgage and an affordability assessment.
The new partnership aims to empower home buyers to become their own mortgage originators through an online application process that has been simplified to create a referral service for estate agents.
Using Toolkit V2, real estate agents can now assist clients through the most critical step of the home-buying process by referring them directly to MortgageMe to wrap up the application for finance.
The companies say for estate agents, a customer’s satisfaction and swift closing of a sale are key to a successful transaction. For a buyer, the traditional home loan application process is perceived to be tedious, overwhelming and time-consuming, which can exacerbate feelings of stress during what should be a happy milestone.
“Our straightforward application process takes the angst out of home finance for home buyers,” says Andrea Tucker, director of MortgageMe.
“And for estate agents looking to wrap up the sale, the referral process is quick and easy. Once the referral has been done through to MortgageMe, all the buyer needs to do is complete a single application online, which is submitted to four leading banks.”
Technology has been revolutionising the real estate agent market across the globe, with the proptech industry estimated to be worth in the region of $18 billion. Fintech solutions used in proptech services globally are expected to grow at a compound aggregate growth rate of 23.4% from 2021, to reach a market value of $324 billion in 2026.
Using MortgageMe’s technology allows an agent to initiate an affordability check for a prospective buyer, allowing sales efforts to be targeted towards properties the client can afford.
The bond certificate takes a home buyer’s bank statements as input to calculate how much additional credit they can responsibly take on. The agent can start a home loan application on behalf of a buyer immediately after acceptance of an offer to purchase.
Real-time tracking of the progress of an application is made possible for agents through the system.
“By creating Toolkit V2, we have made the process less complicated and far less time-consuming, and, in doing so, empowered both home buyers and estate agents to get the finance sorted without a hitch,” says Hayley Ivins-Downes, head of digital at Lightstone Property.
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