An electronic identification facility has been added to Platform's online decision tool ‘clickdecision' in a bid to end lengthy evidence-gathering procedures for intermediaries.
Platform, the intermediary lender of Britannia Building Society, claims the system will now automatically check the identity of mortgage applicants, rather than relying on the collecting of hard copy documentation by the intermediary or solicitor.
If the ID is verified, an approved decision will be given and no further information will be required, but if the system is unable to verify an ID, an item will be added to the ‘Shopping List’ feature, which tells the intermediary what documents need to be provided with the application.
The new system is also designed to meet the obligations of anti-money laundering regulations which state that all lenders must obtain evidence of the personal identity and address of prospective mortgage holders.
Guy Batchelor, sales and marketing director at Platform, says: “Requiring intermediaries to obtain, copy, certify and post ID evidence such as passports, imposes a burden on our clients and their customers, which is unnecessary now that we can verify identity electronically. Our new E-ID facility will drastically simplify the process of submitting mortgage applications to us for intermediaries and will undoubtedly reduce the time it takes to process applications. With the subject of electronic checking being raised in a report from the Financial Services Authority, we believe such facilities will eventually become the norm.”
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