Consumer and commercial data provider Veda is helping mortgage brokers, lenders and aggregators transition to a more standardised digital identity verification process through its ZipID service.
As well as putting a “secure, foolproof” workflow into the hands of brokers, the service also simplifies face-to-face ID checks bringing consistency and convenience to all participants.
The industry has shown great enthusiasm to solve this common problem by putting their support behind the service, said head of ZipID, Sean Simmons
“The current ID process when applying for a home loan is outdated, and needs to be fixed. It lacks consistency, is paper heavy and not broker-friendly. This causes brokers and customers unnecessary delays and frustration and adds manual processing cost to lenders.”
With more than 50% of all new residential home loans settled by brokers – according to statistics from the Mortgage and Finance Association of Australia (MFAA
) – it was important to tackle the challenge of achieving ease-of-use through digital solutions while also preventing fraud and mistrust, Simmons said.
Mark Hewitt, general manager of sales and operations at Australian Finance Group (AFG
) said that the additional work caused by incomplete ID capture significantly impacted cost and time for brokers, lenders and customers.
“We’re excited to see the industry getting behind a simple, effective solution to this problem, and hope to see the momentum continue so we end up with a more customer and broker friendly process.”
The ZipID mobile app gives brokers the ability to capture client ID information through a smartphone or tablet and compile everything together in a fully compliant PDF report.
“We know that the current range of ID policies across the mortgage lending industry means brokers are faced with a patchwork of rules and paper-heavy processes that often lead to rework and delays,” Simmons said. “Veda’s ZipID app provides a practical solution to a longstanding pain point for brokers.”
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