Bluestone Group has launched an issue of residential mortgage-backed securities, seeking A$200 million of funding. The issue, Sapphire XV Series 2016-2 Trust, is backed by a portfolio of non-conforming residential loans. The average loan size is $427,465 and the average loan-to-valuation ratio is 66 per cent. Low-doc loans make up 55.2 per cent of the portfolio and credit-impaired loans make up 37.3 per cent. Bankwest has introduced a service allowing mortgage applicants to check the progress of their application online and receive notifications at key points. Bankwest's "application tracker" offers a "real time 24/7" web-based tool designed to keep customers informed. "Customers expect to be able to track the progress of their home loan via digital channels," said Bankwest executive general manager of retail Andrew Whitechurch. Comparison site operator iSelect has launched a trial of a fully online (and telephone) mortgage broking service. iSelect is working with three lenders, including Macquarie Bank, on a service that will provide conditional approvals online. The trial has been running three months and iSelect said 50 per cent of conditional approvals were completed online. Financial and identity information is provided electronically.