Another non-major bank has joined the rank of lenders digitising their home loan processes in the current COVID-19 environment.
ING has announced that effective immediately, applications submitted via AppyOnline can be accepted with electronic signatures using a platform such as DocuSign.
The update applies to lending for both new and existing home loan customers, and the eligible forms include:
- Loan application form
- Residential loan variation request form
- Identification form
- Fixed rate lock in request form
- Delivery of loan documents form
The bank attributed the introduction of electronic signatures to its aim of simplifying the overall application experience, as well as complementing its recent decision to allow brokers to verify the identity of home loan applicants via digital video technology.
ING also announced it will begin proactively contacting home loan customers whose COVID-19 repayment arrangements are approaching expiry to check if they require an extension and to discuss the other options available to them.
The bank will handle the home loan check-ins directly, with no broker action required.