Rather than relying on hard copy documentation to verify the identity of the mortgage applicant, the enhanced system will now automatically check the applicants’ identity through a set of questions.
When this has been approved the client will be verified. From this stage onwards no further identification information is required from the system. For any instances where the system is unable to verify the client’s identification an item will be added to the ‘shopping list’ giving the intermediary a succinct list of what is missing from the application.
Platform said the system meets all anti-money laundering regulations imposed to obtain evidence of the identity and address of the prospective mortgage holder.
Guy Batchelor, sales and marketing director at Platform, commented: “Requiring intermediaries to obtain, copy, certify and post ID evidence such as passports imposes a burden on our clients and their customers, a burden which is unnecessary now that we can verify identity electronically via Platform’s new E-ID facility.
“This facility will drastically simplify the process of submitting mortgage applications for intermediaries and will undoubtedly reduce the time it takes to process them. With the subject of electronic checking being raised in a recent working report from the FSA we believe such facilities will eventually become the norm.”
Mike Pendergast, IFA at Zen Financial Services, welcomed the move: “Anything that speeds up the order through the underwriting process has got to be welcomed. Halifax offers a similar service and through that I received an offer within eight working days, my quickest ever.”
