Momentum is growing among mortgage brokers, lenders and industry aggregators for a streamlined industry standard to verify the identity of home loan customers.

Veda, Australia and New Zealand’s leading provider of consumer and commercial data and insights and a wholly-owned subsidiary of Equifax, is leading the way for the mortgage industry to transition to a standardised and digitised process through its ZipID service.  The service, which puts a secure, foolproof workflow in the hands of brokers, helps to organise and simplify the face-to-face identity verification process, ensuring consistency and convenience for all participants.

Sean Simmons, Head of ZipID, said the support that Veda’s innovative service has received demonstrates industry enthusiasm to solve a common problem that causes unnecessary delays and frustrations.  “The current ID process when applying for a home loan is outdated, and needs to be fixed. It lacks consistency, is paper heavy and not broker-friendly. This causes brokers and customers unnecessary delays and frustration and adds manual processing cost to lenders. ZipID helps make ID checks simpler, faster and more accurate for brokers, consumers and lenders,” Mr Simmons said.

The Mortgage and Finance Association of Australia (MFAA) reports that more than half of new residential home loans were settled by mortgage brokers in the September quarter 2016[1], and broker channel share continues to rise.

Veda’s ZipID app provides a practical solution to a longstanding pain point for brokers. Veda also offers a solution for brokers who cannot meet with their customers in person; an innovative solution where trained representatives, who have passed police background checks, use Veda’s secure workflow to complete the ID process on the lender’s behalf at the customer’s home or work.

Source: Veda Press Release