With MMR now in full spring and lenders routinely putting the liability, of many things but most importantly, anti-money laundering squarely on the shoulders of the mortgage broker, now has never been a better time to review or even implement procedures to protect the business against this risk.
ValidID is all about saving time and therefore money when carrying out routine tasks.
Whilst ValidID costs money, it can be seen as a saving exercise. You don’t have to get original documentation, such as Driving Licences or Passports, so driving to the clients’ house to get paperwork or using Royal Mail to send things recorded delivery is not necessary, all these points reduce cost and time managing the client relationship.
On top of all this ValidID as a tool, provides rudimentary credit information. It has the benefit of Credit Active, this will tell you how many active credit accounts a customer has making sure you have a good picture of the clients situation before you carry out a potentially failing DIP with the lender.
It also provides information on CCJ’s IVA’s and Bankruptcies couple this with confirmation of the voters roll entry you are forewarned before you end up with a decline on the clients credit file.