ARNECC Announcement: Brokers Lives Are Made Easier With IDyou

The lives of brokers and lenders across the country are set to become easier.

Following MSA National’s submission to ARNECC, the industry body will not push forward with their change of rules that would have enforced a strict "in-person" Verification Of Identity (VOI) standard.

On Thursday, ARNECC announced that the lender will retain the choice of conducting VOI in-person or taking reasonable steps to verify the identity of a borrower.

ARNECC advised:

  • The proposed amendment to the VOI regime requiring brokers and lenders to first apply the in-person VOI standard prior to utilising reasonable steps will no longer form part of MPR (Model Participation Rule) Version 6.

This builds on their earlier announcement on 20th March where ARNECC stated that a video call with the borrower would constitute reasonable steps, but evidence of the video call must be retained.

We believe the current pandemic was the catalyst for ARNECC to reconsider their amendments and formally allow remote VOI through video call to meet the needs of the customer.

MSA National welcome’s the decision by ARNECC and wish to thank their clients for their contribution to and support of our submission.

MSA National’s IDyou is a fast, simple and secure VOI App that has both in-person and remote VOI options.

The app has a built-in workflow that simply guides the user through the VOI process to meet the ARNECC requirements.

IDyou is the only VOI app in Australia with built-in video call functionality designed specifically for mortgage brokers to help meet the reasonable steps standard set by ARNECC.

The VOI report produced by IDyou includes copies of the ID’s signed declarations and evidence of the video call.

If you wish to speak to a representative from MSA National about the IDyou application, please contact:

  • Sam Makhoul - Managing Director and Chief Legal Officer - 02 8719 4088
  • Ayhan Baba - CEO - 02 8719 4007

"Brokers & Lenders who partner with MSA have happier Customers"