NextGen.Net has launched its new Document Verification Service (DVS) to provide a “timely solution” to the current COVID-19 social distancing rules.
Multiple lenders are already benefitting from the new capability as it helps remove the necessity for face-to-face interaction.
The service within ApplyOnline removes the need to obtain physical copies for approval of mortgages by integrating directly with both federal and state government databases to verify government-issued identity documents.
“Every part of the globe is grappling with the impact of COVID-19, and our industry is no exception,” said NextGen.Net chief customer officer Tony Carn.
“Many lenders and brokers are rapidly reassessing and updating their in-person, face-to-face policies and ID check procedures, which have been significantly impacted during this pandemic. That’s why we’ve accelerated the release of this new tool, which is critical in today’s environment.”
The DVS integration helps brokers and lenders satisfy their identity verification obligations online, including anti-money laundering and counter-terrorism financing (AML/CTF).
Lenders are able to tap into a secure online system managed by the Department of Home Affairs, for accurate, up-to-date and independently sourced identity verification.
"This means that in real-time ApplyOnline checks and validates all relevant documents on all 22 government databases,” said Carn.
"The big benefit for brokers is they don't need to source copies of these documents; and for lenders it means that when they receive the loan, these documents don't need to be validated in-person because they've been validated within ApplyOnline using the DVS.
“Ultimately, borrowers gain a faster time to approval," he concluded.
