New digital tool launched to aid remortgaging

April 2, 2020 by Brendan O'Neill

Mortgage Advisors

Digidentity has launched a brand new online identity solution that it has developed with Smartr365, and that is designed to be used during remortgaging applications.

This solution involves mortgage advisors creating a digital ID for a borrower when they first begin applying for a loan and this is used as proof of that person’s identity for the remainder of the process. As that involves dealing with conveyancers and mortgage lenders in addition to HM Land Registry (HMLR), the solution stands to save a considerable amount of time that would normally be spent resubmitting ID information at each stage.

Digidentity is stating that advisors must be signed up to Smartr365 to be able to access the solution, and that the whole process will only take borrowers a maximum of three days using it. Smartr365’s chief executive, Conor Murphy, said that tech solutions like this one not only saved time during the remortgage application process, but also made it less vulnerable to fraud.

Speaking to Mortgage Introducer, Digidentity UK business development manager, Jonathan Evans, added that:

“Digital ID has already changed the mortgage process for the better, and we’re delighted to be able to extend this to even more remortgagors and their brokers together with Smartr365.”

He concluded by saying that all stood to gain if the application process was streamlined, from advisors and borrowers to those mortgage companies actually lending the money.

Any advisor who has taken the time to get the required CeMAP mortgage advisor qualification will welcome a tool like this that reduces their workload.