Leadpoint, a Brisbane-based Regtech firm, has created a platform that can reduce property settlement waiting times by two weeks, providing a solution to the lengthy home-buying and refinancing process that has been criticized in the finance industry. The OneStep application from Leadpoint automates the preparation of settlement documents, enabling them to be sent to borrowers for digital signing in less than five minutes. Many lenders and brokers are adopting OneStep, attracted by the speed of approving loans and the efficiency of completing settlements on time, which are outperforming major banks. OneStep eliminates the cumbersome manual processes that can take days or weeks to prepare loan documents, and borrowers can sign the documents digitally within minutes of their loan being approved. Founder David Maher claims that OneStep can reduce the standard six-week settlement period to just four weeks or less, enabling borrowers to move into their new homes faster and on time. Online lender TicToc and banking app UP are utilizing Leadpoint’s technology to automate and accelerate the settlement process, luring customers from traditional banks. With the promise of faster settlements, consumers are attracted to online lenders and second-tier institutions that have updated their technology platforms.
Lenders utilizing modern loan origination platforms are among the fastest adopters of OneStep, a platform that automates the documentation and digital signing process within minutes of loan approval. The lender’s data is sent to OneStep through an API, and borrowers can sign the documents on any device at their convenience. With ten years of development, OneStep handles the property laws of each state and territory, including complex transactions that involve multiple loans, borrowers, properties, and guarantors. Earlier versions of the technology had automated document generation, but the integration with Adobe Acrobat Sign has enabled the entire process to be automated. Traditional banks can take weeks to prepare and sign documents, making OneStep’s fast and automated process highly desirable to borrowers. The platform is suitable for first-home buyers and owners refinancing to move up the property ladder. Although some traditional banks have attempted to automate their processes, the technical skills and legal and industry knowledge required to deliver a complex solution for every transaction and jurisdiction are difficult to attain. Maher, the creator of OneStep, believes that consumer pressure will force traditional lenders to streamline their processes to meet borrower demands for faster settlements. The lenders that respond quickly will capture an increasing share of this lucrative market.
