Assisted by the IDS AVM Suite, Australian Mortgage Marketplace (AMM) has settled its first mortgage application, providing a broker client with a verified approval in under 15 minutes and settling funds within 24 hours.
IDS worked closely with AMM to streamline one of the most time consuming parts of the mortgage origination process - the property valuation - as the neo-lender built out its own digital mortgage platform, Intelligent Credit. The platform integrates to the IDS AVM Suite API to retrieve property data and automated valuation estimates (AVMs). In combination with IDS real time valuations, the platform harnesses artificial intelligence technology to verify applicants’ information and provide customers with a verified home loan approval in less than 15 minutes.
AMM provides white label prime home loans tailored to fit the financial situation of the applicant, which are funded by residential mortgage-backed securities (RMBS), superannuation funds and industry investment.
Louie Psaroulis, IDS Co-Founder and CEO, congratulated the AMM team on the settlement of its first mortgage, saying “We have watched Graham, Kym, Luke and the team as they have focussed relentlessly on delivering a ground breaking experience to mortgage borrowers and are proud to have played our part in enabling the dynamic risk management and turnaround times they have achieved.”
AMM Managing Director, Kym Dalton, said “From the start, we set out to employ best of class technology and partners to shift the mortgage lending paradigm. That’s why working with IDS was an easy decision, given the track records of the IDS team and the accuracy, flexibility and innovation they bring to help us solve one of the most painful and clunky parts of the mortgage origination process.”
