Finology Integrates Experian Credit Data to Offer Win-win Solution for Pre-approved Home Loans
Finology Sdn Bhd (Finology) is integrating Experian credit data in its Loanplus platform to accelerate pre-approved home loans to the property industry. Loanplus is Finology’s patented mortgage pre-approval platform which is widely used by property developers and real estate agents in Malaysia.
This timely enhancement sees the introduction of a new integrated platform which is welcomed in light of the challenging economy and its impact on property markets. It also supports the call of property experts to leverage on property investments given expected low property prices.
Dawn Lai, CEO of Experian Information Services (Malaysia) said, “Experian is pleased to play a vital and complementary role as a primary credit information provider on Finology’s Loanplus, a leading technology platform. By combining Experian’s credit reports and Finology’s mortgage pre-approval solution, this platform can better serve Malaysian home buyers, property developers and lenders. This will enable consumers to be best matched in terms of eligibility, greatly improving customer experience and outcome.
“Experian also hopes that this solution will lead to a positive social impact in accelerating affordable and sustainable home ownership in Malaysia. Consumers are guided through a seamless digital experience, which informs on their decision to take on credit in critical life decisions such as property ownership,” emphasized Lai.
Loanplus is designed to accelerate and best match purchasers’ affordability with property loans so they may confidently place property bookings while understanding more about their loan eligibility. At the same time, lenders are assured of credit-worthy customers while property developers can improve their conversion rates for bookings. In fact, Malaysia’s property booking cancellation rates of about 50% stands at an all-time high.
“Now with the integration of Experian’s credit data as the primary credit report provider on Loanplus, it enhances the entire loan evaluation and origination process, bringing buyers, lenders and sellers together in a more efficient way through a seamless digital experience. Our technology ensures that evaluation results from 17 financial institutions can be provided anytime, anywhere within 10 minutes,” commented Robin Ang, Commercial Director of Finology.
Ang explained that property developers can also digitally submit loan applications directly to banks via the platform to maintain visibility of the prospective buyer’s loan eligibility at the early stages of the buying process.
Source: Experian Malaysia news