Online mortgage firm sets up local operations

Online mortgage platform Nook has officially reached the Philippines. The platform is offering its services that include conducting the entire property search process, comparing loan options, and a more seamless loan application process done online.

Nook chief executive officer Chris Elder

Nook CEO Chris Elder said that in the Philippines, applying for a home loan “is a tedious and sometimes intimidating process.” The executive said even before beginning the actual loan process, clients are faced with numerous requirements as well as various other steps that take up too much time.

“We aim to address this with Nook. We offer users an end-to-end platform, from property search to bank approvals, empowering more Filipinos to gain seamless access to financial options available to them,” he said.

The entire process on Nook can be defined in three basic steps: prequalification, application of loan, and bank approval. To make this possible, the company partnered with banks including AUB, BDO, BPI Family Savings Bank, Bank of Commerce, CTBC, Chinabank, RCBC, and Security Bank.

Nook takes care of matching the most suited offers and loans available from these banks to their target end-users. Alongside the tools that the clients will use for the virtualized loan application stages, clients are also able to access the platform’s own helper, the Nook Home Loan Consultant, free of charge.

To reduce the hassle further, clients will also get a preview of the amount of monthly repayments they have to make as well as other fees and bank-specific requirements. Elder said what Nook offers “is direct access to bank partners for customers’ home loans with the easiest application process they can get.”

Based on the findings of the Bangko Sentral ng Pilipinas, banks reported a 73% of residential real estate loans which are being used for new housing unit purchases, as of Q2 2019. This trend shows an increase in the share of real estate loans to the industry total loan as a whole.

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