Many Lenders have a Digital Verification of Identity service integrated in their Loanapp workflow to make the verification of your Applicant's ID a breeze.
When you trigger the service, your applicant/s will receive an email or sms invite to complete the digital ID verification workflow. Generally, the Digital Consent will need to have been completed first.
Your applicant/s will need copies of their ID (generally their Drivers Licence and Passport) with them to complete the workflow.
The workflow takes only a couple of minutes, and can be completed on a mobile.
When complete, the service will return an ID Verification Report back to Loanapp for you to review. Where a Lender uses this service, this report is generally all you need to support the Lenders' ID verification requirements.
When you trigger the Digital VOI service, an SMS (or email) invite will be sent to the applicant/s to complete the Digital VOI process.
What is your Applicant's experience?
Your applicant/s will receive an SMS or email invite to complete the VOI. This SMS will be from the Lender, and look like this:
When the Applicant clicks on the link, they will taken to the Digital VOI Consent to read through and agree to; and then the process will start.
The workflow will ask them to choose the ID they want to use (usually Drivers Licence and/or Passport); and to take a photo/upload a copy of the ID:
If using a Drivers Licence, the applicant will be instructed to take a photo of the back. The system will process the data, and present the data back to the applicant for any corrections:
Next your applicant will be instructed to do a 'liveness' selfie. This requires them to use their phone to take a selfie, while following instructions on screen (eg smile, look to the left):
All this takes only about 2 minutes, and your applicants have been successfully VOI'd. They can then close down the service.
What happens in Loanapp?
The "Digital Widget" for the Digital VOI is like a control panel for the service. It will
give you the status of the service
allow you to send a reminder to the applicants (this will re-send the link, good if they have lost the original link)
revoke or cancel the request
Re-sending the SMS request
If they happen to lose the SMS invite, you can re-trigger the SMS invite from the Loanapp interface:
Accessing the VOI report
When your applicants have completed their VOI, the VOI report will be automatically returned to Loanapp and inserted into the Digital Widget. You will be able to review the VOI report by clicking on the "details" button in the VOI widget:
A popup will appear, and you are able to download the PDF report:
Generally, this report will be configured to also be delivered automatically to supporting documents checklist so its ready to send to the Lender when you submit.