HashChing, Australia’s first online home loan marketplace, has turned to DocuSign to accelerate the registration process of its key user group, mortgage brokers. HashChing currently has 81 active brokers registered and its next phase of growth relies on efficiently processing the already registered 1,200 additional brokers waiting to be activated.
Launched in August 2015, HashChing is disrupting the way Australian’s source home loans, as the platform is powered by brokers, not bankers. Mortgage brokers can offer better deals and lower interest rates to consumers as they provide business to the banks. As of April 2016, HashChing has processed close to 1,000 home loan applications worth $530 million and recently closed $1 million in funding from investment firm Sapien Ventures.
However, the lengthy process of signing mortgage brokers up to the HashChing service through archaic paper documentation was distracting co-founders Atul Narang and Mandeep Sodhi from their primary goal – creating a revolutionary service for the home loan market and scaling the business locally to its full potential. What started as a trial with DocuSign has proved a great success.
Why is HashChing using DocuSign in particular?
“We turned to DocuSign’s e-Signature product to digitally streamline brokers signing up to the HashChing marketplace, speed up the approval time of broker applications, reduce the need and cost of printing and storing large contracts, provide ability to easily access contracts for compliance purposes, and reduce our environmental footprint,” said Atul Narang, CIO and co-founder, HashChing.
“These benefits are of particular value right now, with HashChing about to embark on the process of signing up 1,200 new brokers to the platform.”
“We’re a young startup and are always looking at ways to innovate and digitise inefficient business processes. We’re moving too fast for paper-based processes – printing and scanning is a time, money, and environmental waste but equally, we don’t want to reinvent the wheel by trying to rebuild something which is readily available.”
“HashChing is a great example of a business model truly disrupting a traditional market,” said Brad Newton, Vice President, DocuSign Australia and New Zealand.
“By connecting home buyers directly to mortgage brokers, they are offering a real solution to a real life problem. It’s this kind of out-of-the-box thinking that DocuSign is aligned with. We also started out with a simple idea – removing paper from the last mile of business and we’re thrilled to help HashChing achieve this,” concluded Newton.