Bank adopts digital DVS, pre-application form

The non-major lender has said it has rolled out several new tools to create “a simpler, more responsive and efficient experience for brokers, advisers and clients – especially during these challenging times”.

AMP has now launched a mortgage pre-application form to help potential home owners understand their borrowing capacity, stamp duty costs, repayments and home buyer incentives.

It also offers clients a complimentary property report on the properties that they are interested in.

In addition, AMP Bank has introduced electronic signatures, digital document verification and is accepting remote verification of identity (VOI) via video conferencing.

The bank is using its existing settlement provider and agent, First Mortgage Service, for electronic signatures.

It is also utilising a combination of NextGen.Net’s services and federal government document verification service (DVS) for document verification. 

“All new home loans for individuals lodged via electronic lodgement system, ApplyOnline, will have the option for clients to eSign their loan contracts, and in some states, their mortgage, which is a significant step in digitising our offering and improving the service quality for clients,” AMP Bank managing director Rod Finch commented.

“The bank has also simplified the identification verification process, introducing electronic verification of identity, where previously documents had to be verified in person by an appropriate person.

“And, to help in these challenging times, brokers and advisers can now use video conferencing facilities to verify a borrower’s identity,” Mr Finch said.

These technological updates have come with the introduction of automated credit decisioning, which is reportedly providing faster conditional approval for clients and an earlier view into the progress of their home loan application.

Several lenders have recently announced a digitisation of the home loan process, including changes to VOI processes, acceptance of digital signatures and allowing brokers to conduct video conferencing as a substitute for meeting clients face-to-face in person during COVID-19. The changes enable brokers and clients to complete the loan process remotely while adhering to social distancing measures.

“The investments we’re making are allowing us to further strengthen the support and service we offer our clients, as well as our important broker and adviser partners,” Mr Finch said.

“Close collaboration with our technology and business suppliers has been key to bringing these enhancements to our clients.”

[Related: NextGen announces new document verification service]

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.