Secondary lender ING extends its commitment to the broker channel, announcing the introduction of electronic filing for commercial loan applications.
As one of a growing number of lenders to streamline the processing of commercial loans with an electronic deposit offering, ING can now better support broker diversification and revenue growth.
“By embracing e-filing, our goal is to make it easier for brokers to get started with commercial lending with small business borrowers by guiding them to enter the correct information into the application,” says John Kolyvas, Principal national level of ING sales.
Kolyvas talks about the reluctance of some brokers who deal with small business mortgage loans to take the next step in commercial lending, even when the opportunity exists.
“It’s the perception of complexity,” he says. “We therefore worked closely with NextGen to create our request form in Apply online Trading similar to what brokers are used to with the Apply online residential model.
“The number of commercial loans obtained through brokers is increasing as commercial clients realize the value of the ongoing services provided by brokers.
“Our goal is to demystify the business lending process and make it easier for brokers to benefit from this trend.”
NextGen.Net Client Manager Steven Hudson said: “As part of our service, we will not only support ING, but their brokers as well. ING’s business development managers and sales support team already have a solid understanding of the residential market Apply online Platform. Now they are ready to help brokers integrate their small business financing portfolio. “
Apply online Commercial provides a “plug and play” distribution allowing ING to offer its commercial products to the third-party channel. It offers a streamlined application framework that ensures accurate information and required documentation is captured at the point of sale and provided to the lender.
ING’s offer is a guaranteed commercial real estate loan.
“Using Apply online it will be more efficient, especially with the ‘Supporting Documents’ service, because commercial loans involve a lot more supporting documents ”, explains Kolyvas.
“Electronic filing will mean a lot less gaps in the information provided by the broker. “
With reference to Apply online A maintenance calculator, which assesses whether a client can afford a loan, Kolyvas notes that “this question is often the big unknown in commercial loans.”
“Many brokers resist using a trading services calculator due to its complexity,” he says, adding that ING has configured the Apply online serviceability calculator to meet specific requirements.
Hudson says, “We have a metrics engine built into Apply online who reviews the services of lenders. We enter a number of parameters and we have a live metrics calculation that gives green or orange lights to show how a loan works and what the important ratios are.
“It’s a key Apply online functionality that contributes to the quality of the application. Having this metrics engine improves the quality of the data captured so that loans can be assessed faster. “
Kolyvas points out that electronic filing is the first step in streamlining the end-to-end processing of ING commercial loans.
“The first step was to make sure the front end could easily capture accurate information,” he says.
“Now we go into everything else, like how the loan is valued, how quickly it is valued and how the information is transposed between our system and Apply online. Ultimately, we want to automate the process as much as possible.