The UK’s mortgage market is worth £1.3 trillion. According to the Council of Mortgage Lenders, house purchase loans will increase to £248bn this year*. Banks, building societies, and other mortgage lenders are engaging with technology to make their services widely available, creating more lending opportunities online. Because of the paperless benefits of technology, lenders are now able to complete application forms and execute agreements online with an e-signature, speeding up the process entirely.
For many years, mortgage applications and agreements have been completed using paper-based form-filling and wet signatures. Today, technology has become increasingly ubiquitous, allowing the property market to benefit from the use of new systems. Recently, there’s been a demand amongst house buyers for a quicker process for approving loans, making the market more vulnerable to mortgage fraud. Mortgage fraud occurs at the point of application, when a fraudster either supplies false information or impersonates someone else’s identity to qualify for a mortgage loan. This is an auspicious time for lenders to make the mortgage application and agreement process more secure by using a faster fraud mitigation solution.
By incorporating our award winning technology, mortgage lenders can use Bonafidee to sign and authenticate forms and agreements electronically with our advanced e-signing solution.
Here are some of the guaranteed benefits of using Bonafidee:
- Accelerate the mortgage application and lending process
- Confidently prepare, send and securely archive e-signed finance agreements
- Maintain a complete, certified audit trail with a tamper-evident pack
- Authenticate e-signed documents with in-built ID verification
- Adhere to regulatory and statutory mandates for AML and KYC compliance
- Reduce the risk of Identity theft, stolen documents, and internet fraud