AMP overhauls mortgage application system

AMP Bank has announced that it has partnered with mortgage origination software provider Simpology for a new home loan application ecosystem for brokers (who originate around 94 per cent of its residential book).

The bank will run a pilot of the new system through select aggregators in the final quarter of this calendar year before moving to full launch in the second quarter of 2025.

According to AMP, the shift to Simpology’s latest technology platform could fast-track the ‘time to yes’ on loans, provide a superior broker experience, and give greater visibility and certainty of an application from submission to settlement (thereby giving brokers more confidence in the application’s outcome from the outset).

This would be achieved by:

• Simplified business rules.
• A fully digitised identification processes.
• Upfront verification of “credit-critical data” prior to submission.
• Integrated information requests and instant feedback on application data.
• Real-time decisioning.
• Live status updates.

It suggested that the new system would address the common pain point of brokers not having a clear view of applications following submission and “put them back in control” of the application journey.

AMP added that the new tech system – which will be made available via any device – would also provide future efficiencies for AMP Bank and give it new capabilities across data, digital, and automation, including straight-through processing capability, which should bring about “market-leading approval times”.

According to the non-major bank, the new lodgement system is one of several investments in broker experience and technological innovation that form part of AMP Bank’s aspirations to be “a leading digital bank”.

AMP Bank group executive Sean O’Malley said he believed the strategic partnership with Simpology would help the bank “transform its home loan journey and provide a market-leading standard in service excellence for our brokers and their customers”.

Melissa Christy, head of lending origination at AMP Bank, commented that the new home loan experience would “fast-track turnaround times and bring brokers closer to decisions and outcomes, giving them self-serve capability and transparency throughout the home loan application”.

“We’re committed to building leading digital solutions which enhance broker experience and give us the agility, flexibility, and scalability to meet the banking needs and expectations of the customer of tomorrow,” she said.

Meanwhile, the founder and chief executive of Simpology, Kate Gubbins, said the company was “excited” to be partnering with AMP Bank for its home loan application experience: “Simpology’s new origination ecosystem aligns with AMP Bank’s ambitions of supporting their brokers and customers with great experiences and speedy outcomes.

“AMP Bank’s commitment to excellence and challenging the status quo makes them the perfect partner to bring to life the capabilities of our platform,” Gubbins said.

Simpology already provides mortgage origination solutions to over 30 lending partners and includes products such as broker lodgement, full origination/workflow and product, serviceability, and decisioning engines.

AMP Bank suggested it would continue to partner with new and existing third-party “experts” from across the industry to leverage “the latest technology to deliver its end-to-end home loan application journey”.

[Related: AMP reveals increase in broker flow for FY23]