Loanapp Digital Consent
The Loanapp Digital Consent is used by Lenders to get a digital consent from Applicant/s for all the activities the Lender will undertake to process the loan application. It is used by many Lenders to replace the more traditional paper Privacy and Consent, and will always be used if there is a digital service in the Loanapp workflow.
When the Applicant/s complete the Digital Consent, this will then allow the Lender to use their personal information to do things like check their Credit File, get a Digital VOI, trigger Open Banking, and also to share applicant data with partners in the assessment workflows.
The Loanapp Digital Consent widget is found at the bottom of the Applicants page in Loanapp. For more information on a 'widget' click here.
The Loanapp Digital Consent is triggered after you have setup the applicant/s in your Loanapp submission, and have entered in at least the name, mobile and email for the applicant. If you have entered this detail, the Digital Consent confirmation will popup at any time after that when you click away from the Applicants page.
The Digital Consent popup will present you with the applicant's unique details (name email, mobile phone) that must be correct in order for Loanapp to ensure that the correct Applicant is being sent the digital consent:
Check the details. If they are not correct, click "Not Yet" (and correct the details in the Loanapp data). If they are correct, tick the "I confirm" box and click Yes!
What happens- what is your Applicant's experience?
When you click Yes! to the consent activation, your applicants will receive an email from the Lender you are submitting the application to. While the content of the email may vary according to what the lender configures in the message, the email will always ask the applicant to click on a link to finalise the consent.
The following is just an example - and where you see Simpology, this would note the lender you are submitting to:
Your applicant will need to click on the 'here' in the email notification.
They will be taken to a login workflow to be able to securely complete the consent. Note that this secure login will also be branded as the lender you are submitting to. First they will need to add a password (the username will always be their email):
When they have set their password, they will then be taken to a login screen to login and complete the consent (again, branded as the lender):
When the customer logs in, they will need to read through the message from the lender and confirm their consent. Note that:
the content of the message will depend on the lender, and what consents and digital services they are getting permission for;
your details, as the broker, will be included on the consent message;
all the branding and consents will be for the lender that you are submitting to:
The Digital Consent will require 2-factor authentication
Security, and ensuring we are working with the correct applicant, is very important and so the Digital Consent will require the Applicant to provide 2-factor authentication.
Your applicant will need to:
tick the consent,
click "Get Code" to receive a code on email or SMS
enter the code in this consent screen
click "Consent"
The Applicant will have completed the consent and can close the browser.
Note that now the Applicant has set a login and password to the secure portal, if you request any supporting documents from Loanapp, your Applicant's will use the same email and password to login and securely provide requested information.
What happens in the Loanapp interface
In the Loanapp user interface, the Digital Widget will tell you what the status of the Digital Consent is - if it is still pending, or completed.
You can expand the Informed Consent widget to see what the status of your applicants' consents:
The expanded widget will show you which of your applicant/s are completed, or still outstanding; and you can even send a reminder email to any applicant that is yet to complete the consent:
Note that Loanapp will also send you an email notification when your applicants complete consent, so you don't have to rely on only checking Loanapp.
The completed consent will be recorded in your applicant data and
allow any third party services to be triggered in the loanapp workflow; and/or
allow the lender to be able to perform checks and pass applicant data to partners during assessment activities.