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Global recognition for Kiwi mortgage fintech firm

Mortgage fintech company Valocity, whose platform links borrowers, advisers and banks with property valuers, has been nominated for a prestigious global technology award.

Friday, November 9th 2018, 10:14AM

Carmen Vicelich, Valocity

The company, set up four years ago, is the only Australasian tech firm nominated at this year’s Fintech awards, a worldwide event attended by the likes of Prime Minister Jacinda Ardern and Canadian Prime Minister Justin Trudeau. A total of 40 companies have been nominated worldwide.

Valocity’s platform is designed to help banks value properties during the mortgage application process. It links banks with valuers, as well as providing an automated valuation on some properties. It also aims to help brokers cut down on admin-time spent talking to the banks about valuations.

The company’s cloud-based technology helps borrowers and advisers get a view of decision-making, speeding up the process.

Valocity founder and CEO Carmen Vicelich told TMM she believed data analytics would help to “digitise” the mortgage application process, making it easier for banks, brokers and customers to communicate: “Regulatory compliance is adding friction to the process for lenders, but at the same time, expectancy around the customer experience has increased. Little has changed in the mortgage application process for some time.We created Valocity to connect banks’ decisioning, brokers being able to start the process, customers being able to see the process, and valuers able to finish the process, all on one platform,” she added.

Vicelich said advisers could use the platform to share information with lenders to smooth the application process for clients: “It is putting the whole process online. If there are plans or documents you want to share with a valuer it can all be uploaded.”

Vicelich said the company could help advisers cut down on admin-time, and help advisers get a clearer picture of potential lending ahead of auctions: “It about letting them understand valuations and loan to value ratios. On our landing page we let brokers know where a property will sit on out automated valuation model. That way they can see where it will sit, and that is a huge value-add brokers really like.”

The Fintech awards take place between 12-14 November.

Tags: artificial intelligence fintech Lending

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

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