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Suncorp introduces digital signatures for loans

by Malavika Santhebennur4 minute read
digital signatures for loans

Suncorp has announced that it is now accepting electronic signatures on residential loan forms.

The lender has said that, as of Tuesday (21 July), e-signatures are now available in ApplyOnline with Suncorp’s digital signature service provider, DocuSign.

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Brokers who choose to opt in will have access to the following facilities:

  • Customer application forms can be signed electronically, along with two-factor authentication when all applicants opt in. Distinct email and mobile phone numbers must be available for each applicant;
  • Email and SMS electronic signature request templates will be sent to customers, on behalf of brokers, via the DocuSign process;
  • If a customer uses DocuSign, the broker will also need to use it to sign three parts of the application form: broker authority, proof of identity and application declaration; and
  • Within ApplyOnline, a new tick box must be selected by the broker confirming that verbal consent has been obtained from each party to use email and SMS for electronic purposes.

The lender has highlighted that the e-signature tool is not available for small-business applications, while power of attorney signatures are not acceptable for DocuSign.

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Any loan application forms where a company is involved as an applicant, co-applicant or guarantor will not be acceptable for DocuSign.

DocuSign cannot be used for signing verification of identification (VOI) forms, it added. However, Suncorp has introduced a temporary non-face-to-face VOI/Know Your Client process during COVID-19.

Suncorp will accept contracts of sale and construction contracts from all states that have been signed by DocuSign.

“This change only applies where the purchaser is an individual (company and trust purchases still require a ‘wet signature’),” the lender said.

The announcement follows ANZ’s move earlier this week to introduce new digital signatures and documentation execution process via the eSign tool, effective 27 July.

Several lenders have adopted digital processes to comply with social distancing rules in the wake of the coronavirus pandemic, including allowing video conferencing instead of face-to-face meetings between brokers and clients, and digital VOI processes.

[Related: Government urged to enable digital mortgage process]

Suncorp introduces digital signatures for loans
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Malavika Santhebennur

Malavika Santhebennur

AUTHOR

Malavika Santhebennur is a content specialist at Momentum Media, focusing on mortgages and finance writing.

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