Non-bank implements remote VOI

by Madison Utley06 Apr 2020

A non-bank mortgage provider has joined the ranks of lenders ramping up their technology to ensure brokers can continue to originate loans without the need to meet borrowers face-to-face.

Resimac has accomplished this through partnering with MSA National and First Mortgage Services (FMS) and approving the use of MSA National’s “IDYou” app to facilitate remote verification of identity. The lender has also authorised the use of digital signatures and is looking to implement a digital document delivery system.

According to GM of distribution, Daniel Carde, Resimac is doing all it can to help brokers carry on "business as usual".

“The change means a customer can now discuss their borrowing needs with a broker via phone, Skype or Zoom. The broker then completes their verification of identity remotely using the IDYou app and submits the loan for assessment in the normal manner," said Carde. 

“Thanks to our new panel solicitor arrangement, we are putting the final touches on a digital loan document solution that will see the loan document pack emailed directly to the borrower, ready for digital execution and return. Essentially this is completely paperless and includes the ability to upload property insurance and other related documents required for settlement."

MSA managing director Sam Makhoul expressed excitement about helping to bring more of Resimac's processes into the digital space, but reiterated the commitment to "providing customers and brokers with an actual person to talk throughout the loan settlement process". 

Resimac has also simplified the application process for borrowers seeking a six-month repayment holiday due to financial hardship, including doubling the team handling hardship applications and launching an online hardship application form allowing customers to avoid phone line queues.

“These changes will also take pressure off brokers who are usually the first point of contact when a borrower experiences financial hardship and is seeking advice from their trusted adviser," said Carde. 

"Brokers are our small business customers and we believe in assisting customers when it becomes increasingly difficult for them to conduct normal business activities."