Want a mortgage? No need for bank trip with new app

Real-estate software firm Streetsine has rolled out an app that allows for speedy mortgage applications without having to visit a bank.

The Mortgage Connect app is downloaded by property agents, who can upload a customer's qualification documents, allowing banks to approve the loan on the app.

The bank will then come to the client for signatures, Streetsine said.

Streetsine told The Straits Times that there have been about 2,000 downloads since the app was rolled on out Dec 1.

"We have received a tremendous response from the market," said MrJeremy Lee, chief technology officer of SRX Property, the digital platform owned by Streetsine.

He added that "in order to download this app, an agent must go through mortgage advisory training". The app and training are free.

Maybank is the only bank working with Mortgage Connect, but a Streetsine spokesman said collaboration with other banks is in the pipeline.

The app has digitised the loan-application process into four stages: mortgage analysis, in-principal approval, loan approval and home closing. It has also digitised forms and checklists and integrated buyers, real-estate agents, valuers, bankers and conveyance lawyers on to a single platform.

ERA associate director Doris Toh said: "Now my clients know exactly how much they can afford before they start looking for a home."

A version of this article appeared in the print edition of The Straits Times on December 08, 2016, with the headline 'Want a mortgage? No need for bank trip with new app'. Print Edition | Subscribe