AMP’s loan origination solution hits ‘key milestone’

AMP Bank’s recently announced end-to-end loan application solution is another step closer to its launch, with the bank confirming that the first applications have been successfully submitted and approved.

The loan solution has been developed through a partnership with Simpology and MSA National, along with other providers such as Fortiro, Equifax, illion, CoreLogic, and IDVerse.

These initial applications comprise a part of a pilot phase within AMP Bank, with a broker pilot scheduled for the second quarter of the financial year 2025 before a full roll-out during the year.

The new solution is designed to fast-track loan approval times and features upfront income verification, streamlined digital ID processing, and fraud detection.

The upfront income verification allows for the pre-validation of borrowers’ income at the application stage, reducing the need for manual document reviews and cutting approval times. AMP confirmed that in cases where the verified data does not suffice, brokers’ declared income will be considered.

Additionally, brokers will have the ability to reuse verification of identity (VOI) data they’ve collected upfront with their clients.

According to AMP, this feature will be unique to the lender and aims to give brokers the flexibility to either initiate the client VOI process in Simpology’s broker lodgement platform – Loanapp – or assign a previous completed IDVerse report to AMP.

This is designed to allow brokers and their clients to avoid repeating the ID verification process during application submission.

Commenting on the solution, AMP Bank’s director of lending & everyday banking, Michael Christofides, said: “This new solution will be a game changer for brokers and their clients, reflecting AMP Bank’s focus on partnering with the industry’s leading tech specialists to provide the best possible borrowing experience.

“It also reflects our commitment to brokers, who we believe are vitally important to helping Australian consumers access the best possible loans.”

AMP Bank’s head of lending origination, Melissa Christy, said that the lender’s consultation process with brokers to understand their business needs “has been central to the new solution’s development”.

“We believe it was important to involve brokers in the process given our commitment to develop a market-leading loan application experience which best supports their businesses and clients,” Christy said.

“Brokers have told us that the ability to securely verify their client’s income pre-loan submission, together with other features such as simplified ID verification, create significant efficiencies for their businesses and support a better client experience. Our new solution includes all of these features, and more.”

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Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.