NextGen.Net has announced the rollout of a new integration within its ApplyOnline application that will reportedly save brokers time by eliminating the need for them to source identification documents for loan applications.
The Document Verification Service (DVS) is an online system that will allow brokers using the ApplyOnline application to immediately compare a customer’s identifying information with records from 22 government databases.
The new service provides electronic validation of government-issued documents such as birth certificates, citizenship, driver’s licence, marriage certificates, Medicare and passport information.
According to NextGen.Net, the integration could speed up loan approval times by reducing the time needed for brokers to obtain and compile documents, as well as reducing the number of user errors and related follow-up.
NextGen.Net’s chief customer officer, Tony Carn, stated that the new DVS integration is a “a real game changer” for applicants, brokers and lenders.
“Accessibility to the DVS service means that ApplyOnline instantaneously checks and validates all relevant documents on all 22 government databases,” Mr Carn said.
“The benefit is immense. Brokers will no longer need to source copies of identity documents, lenders don’t need to validate them because they’ve been auto-validated within ApplyOnline, and customers gain a faster turnaround time,” he said.
He continued: “It’s an efficient, seamless and contemporary method for verifying identity.”
Mr Carn stated that the technology aims to improve processes for both brokers and lenders, by streamlining and digitising as much of the application process as possible.
“This is a very important step towards attaining that end goal and accomplishing straight-through processing,” he said.
According to Mr Carn, a number of lenders are currently in the process of rolling out the DVS functionality.
Hannah Dowling is a journalist for mortgage business, the leading source of news, opinion and strategy for professionals working in the mortgage industry.
Prior to joining the team at Mortgage Business, Hannah worked as a content producer for a podcast catering to property investors. She also spent 6 years working in the real estate sector at a local agency.
Hannah graduated from Macquarie University with a Bachelor of Media and Journalism.