ANZ Bank has introduced ANZ eSign to enable all of the various application forms on LoanApp and ApplyOnline to be electronically signed via the eSign tool.
ANZ eSign is targeting new and existing home loan customers requesting either a new home loan application or a streamlined credit critical renewal (SCCR) or a non-credit critical renewal (NCC).
Commenting on the launch of the electronic signature tool, ANZ said: “With more of everyday life becoming digital, we are striving to place helpful, easy to use and convenient solutions in the hands of both our customers and you.”
The following documentation will be available to sign digitally via ANZ eSign from ApplyOnline and LoanApp:
- Application form
- Statement of position
- Breakfree form
- Email consent form
- Applicant guarantor declaration (applicant and guarantor)
- Guarantor self-declaration
“If your customer is unable to, or would prefer not to sign their documents digitally, they can still physically sign their home loan documentation,” the bank said.
According to the major bank, all other home loan documentation will continue to be signed in accordance with standard procedures.
From 27 July, ANZ has asked brokers to inform their clients (new to ANZ or existing) that any new applications that involve the above documents can be signed digitally.
Brokers will need to obtain the consent of their clients to receive documents electronically before using the tool.
For post-approval documents, ANZ’s operations teams will use existing document delivery methods to send out documents such as the letter of offer to clients.
At this stage, these documents will not include the eSign capability and will need to be executed with physical signatures.
ANZ will be sending an invite to brokers for a webinar on 23 July to guide them through the eSign process, for which they can register.
The announcement from ANZ comes as several lenders moved to adopt digital processes to comply with social distancing rules in the wake of the coronavirus pandemic.
Lenders announced that they would allow video conferencing instead of face-to-face meetings between brokers and their clients, digital verification of identification processes and digital signatures.
A coalition of associations recently urged the government to make permanent the temporary rules that allowed lenders to process a mortgage digitally.
Among other changes, the associations, including the Australian Banking Association, called for the government to accept electronic signatures instead of paper signatures for a wider range of legal and business documents, including guarantees, statutory declarations and trust deeds.
Brad Newton, DocuSign’s vice president of Asia Pacific, said e-signatures are more secure than wet signatures and offer greater protection and accessibility for customers.
“We’ve seen countless examples where the availability of e-signature has mitigated the risk of end customers experiencing financial loss or missed opportunities due to circumstances of location that are beyond their control, and this is not isolated to the COVID-19 period,” he said.