Westpac Bank loan processing hit by offshore virus shutdown – The Australian Financial Review

Brokers have been advising lenders that borrowers will increasingly request home loan interviews to be conducted digitally rather than face-to-face.

An increasing number of borrowers are expected to review loans and lenders following recent mortgage reductions, despite the slow down in new loan applications.

Westpac is planning changes to loan application procedures to lower any risk of infection, such as might happen when loan applicants personally verify their identity. Details of the changes are being finalised.

It is also offering brokers the option of conducting client appointments by using phone, video or teleconference.

Macquarie Bank is telling brokers they should wait until after clients self-quarantining period is over before completing ID verifications.

Macquarie is also reviewing requirements for property valuations that require physical inspections.

The bank uses several valuation processes, including automatic and desktop valuations that dont require in-person inspection.

Were currently looking to expand the circumstances where well use a valuation type that can be completed without an inspection, including kerbside valuations, a bank spokesman said.

Other lenders, such as ME Bank, are allowing the use of digital platforms such as Skype or Facetime for interviewing and completing identity checks.

Other property professionals, including real estate agents, are also adapting digital devices for conducting business that could have long-lasting impact when normal conditions return.

For example, some real estate agents are experimenting with digital auctions such as Zoom, a cloud-based video conferencing service, and technologies that allow contracts to be signed remotely.

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Westpac Bank loan processing hit by offshore virus shutdown - The Australian Financial Review