Proptech company iVantage launches its solution for mortgage banks and real estate developers

(Oba Adeyeye Enitan Ogunwusi flanked on both sides by employees of iVantage & Imperial Homes Mortgage)

On Tuesday, November 15, real estate industry heavyweights gathered at the Lagos Continental Hotel for the launch of iVantage’s banking and real estate solutions.

iVantage is a Proptech service provider for mortgage banks and project developers. They help their clients digitize their operations to meet the growing technological demands of the modern world.

With the increasing adoption of technology in Nigeria, financial transactions are increasingly conducted online. According to reports from the Nigeria Inter-Bank Settlement Systems (NIBSS), e-payment transactions reached a total of ₦238.7 trillion between January and August this year, a 50% increase from last year. This number indicates that financial institutions need to embrace technology. With the use of technology, financial service providers can increase their reach, create convenience and accessibility, while saving costs at the same time. This is the niche that iVantage taps into.

In his opening remarks, Femi Johnson, Managing Director of Homebase Mortgage Bank and a director at iVantage, said, “iVantage has positioned itself to capitalize on the need in the market to deliver customized, cutting-edge technology solutions to the financial services industry.” industry.” The niche that iVantage starts with is the mortgage banking and microfinance sector.

Using technology, iVantage helps mortgage banks scale and serve their clients’ digital needs. With the latest mobile banking app and real estate solution, iVantage serves mortgage banks, real estate developers and end users by helping them better connect with each other. These products create convenience and efficiency for users while increasing sales and transaction volumes for real estate developers and building societies.

From left to right: Tunde Balogun, (MD Pay Small Small), Kennedy Okonkwo, (CEO Nedcomoaks Ltd), Jide Adekola (GMD HomeWork), Gabriel Eretchabor (Estemeed Imperial Homes Customer), Ayo Olowookere (MD Imperial Homes) and Dr Dorry Okojie (Non-Executive Director Imperial Homes).

Modele Ajayi-Bembe, chief strategy officer at iVantage, also spoke at this event. She took guests through the features of the recently launched mobile banking and real estate app that has already been created for Imperial Homes Mortgage Bank, one of iVantage’s partners. With this mobile app, mortgage bank customers can easily bank from the comfort of their own home, create bank accounts and verify their identity online. They can also view properties available for purchase, save for those properties and also start the mortgage loan process to acquire those properties.

This application comes in four modules which are:

  • Mobile banking module: Here customers can perform banking services such as transfers, payments and card applications.
  • Real estate module: allows customers to search for their living preferences among existing verified homes. The certificate of habitation and the building plans are also available here. Here clients have the option to secure property they are willing to pay for while it is still under development and can also request a property inspection.
  • Investment module: Here clients can manage their fixed deposits in real time. Customers can view details such as an investment’s maturity date, book new investments, and liquidate investments.
  • Mortgage module: When customers see a property they like in the real estate module, they can apply to buy it through a mortgage. This is where customers will submit their verification information, including bank statements, resumes, personal information, and income information. Customers with an existing mortgage can view their existing mortgage here, their outstanding balance, the next repayment date and amount and the interest rate. They can check credit scores and track mortgage applications.

According to Modele Ajayi-Bembe, the real estate module is already filled with more than 22,000 pre-qualified homes. These properties have been verified and are safe to pay for or take out a mortgage on. Customers who are interested but do not have the existing assets have the option of saving for this on this platform. This mobile banking solution can be replicated for mortgage banks and customized to their unique preference, from preferred colors to logos. Other products introduced at this event include the iVantage credit score product for mortgage banks and developers. This solution is linked to two credit bureaus and is added to customers’ bank statements. This product helps mortgage banks and developers evaluate and approach clients, give them a credit rating and conduct an affordability analysis to see if they can afford to continue paying for a home. Here, a customer’s credit history is accessed, a credit check is performed, and a score is assigned based on individual risk assessment criteria set by the mortgage banks and property developers. This means that each applicant is given a total score that combines the direct results from the credit bureaus, customer bank statements, and the affordability analysis.

The internet banking solution for mortgage banks was also introduced during this event. This is available to both commercial and private mortgage bank customers. This feature is for those who prefer not to download the mobile app and replicates the same features on the mobile app.

iVantage also announced its solution for property developers following the launch of the mobile app. This solution helps developers meet the needs of customers both at home and from around the world. Developers pay and subscribe for this and it is tailored to their needs. This solution allows developers to list properties that are already developed or in development for easy access for clients looking to purchase a property. To protect both customers and developers, developers are given the option to upload their account information so that any payments will go directly to the developer’s account. iVantage also provides backend access for property developers here so they can manage the number of users they have, uploaded properties, inspection requests, properties listed in the app, and manage buyer issues. Clients can request property documents for verification, and developers can also upload 3D videos and enable virtual tours for clients who cannot physically inspect the property.

Typical home financing and purchases require a lot of client legwork. From visiting the property to physically verify eligibility to visiting a building society to get a loan, there is a lot of movement involved. iVantage has eliminated the legwork and stress in this transaction by digitally streamlining the process and building these solutions for the developers, building societies and their end users.

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(iVantage team)

The launch event, which was led by Otolorin Kehinde Peter, also known as Kenny Blaq, also witnessed the presence of Oba Adeyeye Enitan Ogunwusi, the Ooni of Ife; executive secretary/CEO of the Mortgage Banking Association of Nigeria, Kayode Omotoso; MD of Dillon advisors, Gary Sanusi; MD of Nigeria Mortgage Refinance Company, Kehinde Ogundimu; MD Abbey Mortgage Bank, Mobolaji Adewumi; chairman of Megamound Investment Limited, Otunba Asiwaju Olumide Osunsina; and the CEO/co-founder of SmallSmall tech, Tunde Balogun. There were also representatives from developers and building societies, including Revolution Plus Property Development Limited, Infinity Trust Mortgage, Uraga Real Estate, Boban Realtors and a host of others.

Click here to learn more about iVantage and its solutions. https://ivantage.africa/

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