Media Release 2-Sep-13: BLUESTONE HOTS UP BROKER COMMITMENT In a demonstration of its allegiance to the broker market Bluestone has waived enhancement of its own e-lodgement platform in favour of the innovative NextGen.Net online portal, ApplyOnline. Once renowned for its sophisticated in-house IT, Bluestone ‘mark 1’ developed an electronic lodgement system in 2005. But in a move consistent with the specialist lender’s renewed commitment to the third party channel Bluestone has just announced its launch of ApplyOnline with AFG. The past five years have seen a marked shift in the technology solutions market, states Peter Wood General Manager Bluestone Asset Management Australasia. “As we started chatting to people it became apparent that the majority were filtering their electronic lodgements through ApplyOnline,” says Wood. Bluestone’s re-launch into the specialist space, following a five-year hiatus, sees Wood eager to re-establish his company’s technology-driven image. This means tapping into the market’s leading technology, “particularly through the third party distribution network”, he says. Future technology will change the industry “In the years to come this (technology) will become even more significant,” says Wood. “We’re heading towards the ability to upload documents straight into the system. Moving forward you’ll see less and less paper, which from our perspective as a lender is fantastic.” NextGen.Net Sales Director, Tony Carn agrees. “Lenders and brokers are fast recognising that processing efficiencies are critical and need to be incorporated in their processes. “We are now delivering significant enhancements to brokers and lenders through ApplyOnline. This includes comprehensive tools to measure and manage quality at the time of submission, which will radically reduce requests for more information and achieve significantly higher straight-through-processing rates,” he says. The depth and breadth of the market penetration of NextGen.Net was a winner for Bluestone (over 40 different lenders have signed up to the NextGen.Net ApplyOnline electronic lodgement service): Ditto the “simplicity” of the service. As of July, Bluestone is live on ApplyOnline with AFG. This means that brokers accredited with AFG can offer Bluestone loans to clients. ApplyOnline gives Bluestone brokers industry best Bluestone’s launch of ApplyOnline brings the specialist lender’s process for dealing with brokers in line with industry best practice. “The investment in ApplyOnline lodgement tools, which provides integration with all major broker groups, makes it easier for brokers and reflects Bluestone’s genuine commitment to the broker market,” Carn says. In its heyday Bluestone was writing in excess of $100 million a month settled business. Many brokers deserted the specialist market post regulation. Re-educating brokers is “challenging” Wood admits: “It feels like 2003 when there was a lot of education occurring about writing specialist loans.” The key, he says, is injecting “a sense of responsibility into the process”. Carn views Bluestone’s re-entry into the market as an exciting development, “a growing and broadening of diverse options available to consumers through the broker channel”.
Posted on: Sun, 01 Sep 2013 23:58:47 +0000
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