Nook, an online mortgage broker platform, has been officially launched in the Philippines. Revolutionizing the finance sector, the said platform aims to streamline the process of housing loan application in three easy steps.
The platform, which comes in the form of a mobile app and website, provides users various loan options according to their target properties. It features entire property search, compares housing loans being offered by its partner banks, and processes loan applications online. With Nook acting as an intermediary between borrowers and banks, this allows potential borrowers to find the right housing loan and assist them throughout the application process.
Users need to complete a pre-qualification form in the app to see which banks fit their requirements. Once the form is submitted, it will show all the information regarding the available housing loans from Nook’s partner banks. This includes the amount of monthly repayments, fees, and other requirements from each bank. Clients may then pass their housing loan applications online once they get pre-qualified in just a few minutes. They will receive a notification from their chosen bank before proceeding with the submission of all the required documents and interviews with the bank’s home loan officer. Nook will then work with the bank to get the qualified applicants’ loan approved and inform them right away through their competent home loan consultants for free.
Among the company’s partners are local top banking institutions AUB, BDO, BPI Family Savings Bank, Bank of commerce, CTBC, Chinabank, RCBC, and Security Bank.
“What Nook offers is direct acces to bank partners for your home loans with the easiest application process you can get. It is time that the Philippines recognize how technology can transform the home loan process from application to closing,” said Chris Elder, founder and CEO, Nook.
To promote its platform and alleviate people’s intimidation on housing loan applications, Nook is set to roll out 102 kiosks nationwide with actual consultants.