Over the past few years, a variety of Internet technologies have arisen which allow businesses to automate and digitize a great deal of their work. The mortgage field, traditionally one of the most paper-heavy, is not at all immune to the possibilities for automation, and many companies and startups around the world have begun the task of creating platforms to move the processes of lending, comparing, brokering, notarizing, and receiving mortgage loans online. Here are some companies doing this in Australia.
Verteva is a Sydney-based startup founded in December 2019. Currently still in the product-building stages, it focuses on offering automated home loans to the lower-risk end of the mortgage market. Instead of using brokers, Verteva plans to use data analytics to determine the terms of the loan for each customer. In the wake of Australia’s COVID-19 lockdowns, which are some of the most intense in the world, Verteva raised $33 million in funding, as investors concluded that remote mortgagetech, and not in-person mortgage service, was the future of the industry.
Australian Mortgage is a lending company which gives individually tailored mortgages through their software, which processes the entire claim in 15 minutes. They are not a bank, but an unlisted public company with 140 shareholders. Through their Carbon Securitisation Network, the company is able to use distributed ledger technology in order to provide both great transparancy and security.
Iress is a Sydney-based financial SaaS company with software products for lenders, businesses, and brokers. Some of their products are meant to connect lenders and brokers, others are meant to provide framework for businesses, others help brokers and customers find the best plan, and still others help to source and protect mortgage loans. Iress has served over 5000 businesses in 5 continents, including the USA, Europe, Asia, and Australia.
In sum, there are several technology companies in Australia revolutionizing different aspects of the mortgage market for brokers, borrowers, and lenders. These companies bring the process of filing a loan to the Internet, often with greater speed and lower default rates than traditional mortgage methods. Some are already among the largest companies in the mortgage industry; now, after the drastic changes caused by the government’s pandemic response, these companies and companies like them are likely to increase their market share in Australia and elsewhere, as industries once dominated by paper adapt to the likely permanent adoption of remote methods of reporting and filing mortgages.