Norton Home Loans has partnered with Freedom Finance to implement new digital secured loan processing procedures.
The process uses NIVO, an instant messaging platform with built-in encryption features that comply with regulatory and security requirements.
The secured loan binding offer, legal charge and supporting documentation will be issued by Norton Home Loans to the customer by post.
When the binding offer has been issued, Freedom Finance can use the NIVO secure mobile technology (SMT) to upload a digital version of the legal charge document, binding offer and supporting documentation to then have them sent through to their customer using a mobile app.
The customer and witness then wet-sign the legal charge document. The customer also signs the binding offer and supporting documentation.
The customer can then take a photo of the signed and witnessed legal charge document, signed binding offer and supporting documentation, and can upload the documents onto the NIVO secure mobile technology app.
Using the mobile app, the legal charge document, binding offer and terms and conditions documents are sent to Norton Home Loans through the app.
Norton Home Loans will then complete the secured loan and register the charge in the normal way with the Land Registry.
Stephen Lawrence, national sales manager at the Norton Finance Group said: “The NIVO process meets the new requirements announced by HM Land Registry on the 4th May 2020. It will definitely speed up the completion process as often the legal charge document is incorrectly completed by either the customer, witness or both.
“It will be a simple process using NIVO SMT for Freedom Finance to resend the legal charge document to their customer and have it completed correctly.”
Josh Bowe, head of digital operations at Freedom Finance, added: “We are proud to partner with Norton as we take advantage of the digital transformation opportunities that have arisen due to the environment we now operate within.
“Norton and Freedom Finance have built a strong and impressive relationship together, so this initiative further enhances the partnership whilst offering customers a faster and more convenient way to find the finance they require. We firmly believe that this HM Land Registry announcement is one of the first big steps towards automating and improving the Second Charge mortgage process.”