We’re getting close to rolling out the change to communicating with your customers through the loan approval and documentation process via Secure Messaging within our Internet Banking platform which will include the ability to accept most of our documents digitally.
Prior to starting this process with customers, we will provide you with process guides as our Broker partners and a separate guide that you can provide to Borrower Customers.
As part of the roll out of Secure Messaging, the other upcoming change is that the mortgage and supporting loan documentation will now be emailed to you for you to view and print for your customers. This will include the loan agreement when customers have elected not to receive the documents via Secure Messaging, along with the mortgage documentation.
You may have already noticed we have rolled out a new suite of loan documents, the changes are a result of ongoing reviews being undertaken around Unfair Lending Legislation and to accommodate electronic acceptance of the Loan Agreement. The Loan Agreement, specifically along with our standard Terms and Conditions document, has gone through a fair bit of change, but all changes are considered to the benefit of the consumer.
Bank of us documents will now include a Loan Agreement and Cover Letter along with the Credit Guide and Consumer Standard Terms and Conditions.
Our document and settlement provider, Lextech, have also completed a review of their templates and certificate requirements for us. They will now issue only two documents that require wet signatures for our standard lending customers, this being the Mortgage and Borrowers Acknowledgement. For Business loans and guarantor supported consumer loans, the Lextech document suite has also been reviewed. It will keep much of the same documentation, but there are some improvements to the Certificate by Independent Solicitor, Verification of Customer Identity by the Solicitor and an Acknowledgement by the Guarantor.
