RCBC Partners with Online Mortgage Broker for Loans

Nook Newsroom · February 10, 2020

Rizal Commercial Banking Corp. (RCBC) has announced a partnership with Nook Inc., an online mortgage broker platform, to ease the process of home loan application for Filipinos looking to buy their own home.

Under the partnership, Nook acts as an intermediary between borrowers and the bank — giving Filipinos a single place to choose and carefully evaluate their home loan options, rather than approaching lenders one by one.

“Through this partnership, Nook acts as an intermediary between borrowers and the bank, allowing Filipinos to choose and evaluate their options carefully,” a statement from RCBC said. “In turn, the universal bank will process and evaluate applications coursed through Nook.”

“We look forward to bringing this convenient banking solution to our clients that will help fast track their dream of buying a home,” RCBC Consumer Lending Group Head Rommel S. Latinazo was quoted in the statement as saying.

What the partnership means for borrowers

For home buyers, the arrangement removes much of the legwork that has traditionally made getting a housing loan in the Philippines slow and frustrating. Instead of queuing at branches and resubmitting the same documents to several banks, applicants answer a few questions through Nook and are matched to a suitable lender — with RCBC now among the banks available to them.

Nook is a full-service brokerage, not a self-serve platform. A dedicated Nook loan consultant runs the entire application on the borrower's behalf — preparing and lodging the bank forms, gathering the required documents, chasing follow-ups and handling all the back-and-forth with the bank. Borrowers never fill in bank application forms or visit branches themselves.

The service is free to the borrower: banks pay Nook a commission once the loan is released, so there is no cost to the home buyer for using the broker.

About Nook

Founded in 2020, Nook is the Philippines' original and award-winning mortgage broker, on a mission to help one million Filipino families buy their own home. Today Nook lets borrowers compare 20+ banks and get pre-qualified in around three minutes, with RCBC among its banking partners.

This article is based on a public statement issued by RCBC. Read the original report at businessmirror.com.ph.