MyState Bank slashes loan approval times with NextGen digital solutions

MyState Bank has reported substantial improvements in loan application processing efficiency following the implementation of NextGen’s innovative mortgage technology solutions. The lender has successfully integrated NextGenID^® and the Access Seeker Credit Report service through NextGen’s ApplyOnline^® platform, resulting in faster approval times and higher quality applications.

The integration forms part of MyState’s broader initiative to streamline internal processes and enhance the broker experience. Early results show 40% of applications using NextGenID and 20% requesting an Access Seeker Credit Report as part of a MyState home loan application.

“We are delivering exactly what we promised – faster processing times and higher quality applications,” says Tim Newman, General Manager Lending at MyState. “We’re particularly pleased to see applications receiving formal approval 2.5 days faster when an Access Seeker Credit Report is used, and nearly a full day faster with NextGenID. When both services are utilised, we’re seeing formal approvals average within four days”.

The NextGenID service enables brokers to initiate secure identity verification requests directly within ApplyOnline, while the Access Seeker Credit Report service provides upfront access to Equifax consumer credit information before application submission. This combination delivers brokers increased application accuracy and reduced requests for missing information (MIRs).

“The impact we’re seeing at MyState validates our approach to digital mortgage processing,” says Mike Ponsonby, Head of Lender Partnerships at NextGen. “What’s particularly exciting is that these efficiency gains require minimal broker effort – just 5-10 minutes of their time – while delivering significant improvements in application quality and processing speed”.

Both NextGenID and the Access Seeker Credit Report service are now available for all MyState Bank home loan applications in ApplyOnline, reflecting the lender’s commitment to streamlining the mortgage application process for its broker partners.