AMP Bank to ‘transform’ settlement process

AMP Bank has announced that it has partnered with mortgage documentation provider MSA National to “transform” the bank’s settlement process.

MSA National created the electronic signing solution for home loan documents “DigiDocs” in 2016 and provides mortgage documentation and settlement service to funders, originators, and mortgage managers.

The partnership between MSA and AMP Bank allows brokers and customers to have access to MSA’s loan tracking platforms “LoanTrak” (for brokers) and “OnTrak” (for customers). According to Sam Makhoul, managing director at MSA National, the tech platform offers “an unprecedented level of transparency and collaboration in real time”.

The head of lending origination at AMP Bank, Melissa Christy, said: “This collaboration is pivotal for our growth strategy, and MSA National is the perfect partner to support our vision.”

Makhoul revealed that the partnership aims to provide a “highly automated process” for AMP Bank’s customers and brokers through its products and models.

The announcement comes following AMP Bank’s partnership with mortgage origination software provider Simpology for a new home loan application ecosystem for brokers.

Makhoul said: “From our first meeting with the AMP and Simpology teams, it was clear that we share a common vision and transformation roadmap.

“Together we aim to provide a highly automated process by leveraging MSA’s digital products and MSA’s file ownership model which gives customers and brokers a single point of contact.”

Speaking on the benefits of lenders partnering with MSA, Linda Cooper, head of operations at MSA said: “At MSA, we have a saying, ‘Our technology provides the Speed. Our people provide the Soul.’ At the end of the day, we are still people helping people.

“As a result, it is no coincidence that Lenders who partner with MSA experience significant growth in volume because customers will go where service is a priority.”

AMP Bank also announced the restructuring of its home lending team last month, with Paul Herbert, the bank’s former head of intermediary distribution and finance, now heading AMP’s lending and everyday banking distribution.

Herbert told Mortgage Business at the time that AMP saw the “opportunity to streamline” its lending channels, including its broker and direct-to-customer channel, as AMP continues its digitisation journey.

[Related: AMP overhauls mortgage application system]