Intermediaries will now not need to submit paper proof identity with mortgage applications. On receipt of the application, TMW will run a search to verify the identity of the applicant. The lender claimed this would reduce the time it takes to process a mortgage application and remove the issue of incorrect certification.
Commenting on the changes, Paul Howard, director of intermediary sales at TMW, said: “The electronic identification helps the intermediary maintain a high level of service to the client and helps our underwriters maintain a positive relationship with the brokers. It is so far proving to be highly successful.
“Going forward we want to ensure this is the primary method of identifying clients – it makes the whole process much more efficient.”
Paul Hearnden, managing director of My Mortgage Direct, welcomed the move. He explained: “Anything where mortgage providers can cross-check identification with an outside agency is great, because it takes out any confusion in the situation. However, as mortgage intermediaries have to verify identification themselves anyway, it theoretically doesn’t actually speed up the application process. But it’s good to make the cross-checks anyway.
“Sometimes there is confusion over identity, so if a lender can clarify the situation and help the application proceed then that will certainly help.”
