Suncorp enables e-signatures on post-approval loan docs
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The non-major bank has said that it will accept e-signatures on post-approval add and equity loan documents, effective 28 June.
Suncorp has announced that it will accept digital signatures on post-approval add and equity loan documents for individual borrowers from Monday, 28 June 2021 (excluding guarantors, small-business lending, companies and trusts).
According to Suncorp, the add and equity loans are both ways for borrowers to “top up” or to “borrow more” using their existing home loan. While an add loan increases their existing loan sum, an equity loan would allow the borrower to use the equity in the value of the home to secure a new loan.
Mortgage Business
DAIDEC launches AI home loan processing tool By Sarah Simpkins 24 June 2021
Aussie fintech DAIDEC Analytics has rolled out a predictive analytics tool for brokers, which assesses and rates home loan applications.
The new solution, D.Tag, uses machine learning to alert brokers of ways to fast-track or improve applications, with the aim of accelerating their approvals.
The product is one component of the D.Suite system, which plugs into customer relationship management (CRM) software, assesses loan applications and rates their likelihood of approval. Brokers will be alerted if they should review and spend more time on applications.
DAIDEC is launching the product to market after completing a pilot with an unnamed broker group.
Mortgage Business
Senate greenlights regulator of regulators By Sarah Simpkins 24 June 2021
The Senate has passed a bill that will establish an authority that ASIC and APRA are accountable to, two years after it was recommended by the banking royal commission.
On Tuesday night (22 June), the Senate passed the Financial Regulator Assessment Authority Bill 2021 with amendments. The law’s primary purpose is to establish the Financial Regulator Assessment Authority (FRAA), a body tasked with assessing the effectiveness and capability of ASIC and APRA.
It will become law once the Governor-General gives royal assent.
When he handed down his final report from the royal commission, commissioner Kenneth Hayne had called for a new oversight authority for the financial watchdogs, independent of government, as one of his recommendations.
Wisr closes $5m raise
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Sarah Simpkins
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Wisr has wrapped a $5-million capital raise to accelerate its loan book growth, but the lender has reported that its offer was substantially oversubscribed.
The lender closed its share purchase plan offer for retail investors on Wednesday (23 June), following a $50-million raise with sophisticated and institutional investors.
The recent retail placement received subscriptions for more than double of what it had aimed for – offering over $10 million.
Wisr, however, has opted to maintain its original raise cap of $5 million, with all of the placement applications to be scaled back proportionally, to around 46 per cent of their value.