Irish fintech firm OnlineApplication works with Salt Edge, a leader in developing open banking solutions, to help the entire mortgage market ease and shorten the traditionally cumbersome mortgage application process to minutes.
Salt Edge’s data aggregation solution enables OnlineApplication deliver instant banking information within a mortgage application to include a full breakdown of all expenditure and other things that a broker or underwriter would normally be looking for.
The collaboration will also allow lenders access to real-time financial data so they can verify the applicant’s identity, account number, income sources, and account balance.
While the usual mortgage application takes weeks due to meetings, initial application, paperwork, assessments and so on, now OnlineApplication can shorten this time to 7 minutes via open banking. The partnership will allow consumers to upload their bank statements within seconds and avoid the traditional red tape that comes with a mortgage application.
“We will be able to get a full suite of bank data for any regulated lender in this country within seconds, meaning loan applications can be assessed quicker. In the Irish market that’s a new proposition” – Karl Deeter, founder of OnlineApplication.
Using Salt Edge’s financial insights solution, a detailed financial report generated instantly based on complex algorithms, enables OnlineApplication to help lenders better assess applications and, in theory, reduce the risk of bad debts.
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