I have long been a critic of NAB’s archaic attitude to mortgage brokers being forced to conduct face to face interviews with all clients.  Compared with most other lenders who require that we conduct telephone or Skype video interviews.   I have argued that we can record these interviews and if required provide the originals or transcripts to the lender for quality auditing or other reasonable requests. Something that can’t be done in normal face to face interview however NAB try to claim that it is in line with anti money laundering (AML) and other regulatory requirements. This is simply incorrect and is patently discredited by the fact that their wholly owned online subsidiary, uBank do not conduct face to face interviews.

The normal procedure we follow in order to comply with AML is to confirm phone and or online existence eg: LinkedIn and then we request certified copies of identification documents.  Most lenders require that we either hold these certified copies or submit them with the application supporting documents.  We also require our clients to provide originals of bank statements and pay slips etc – as anyone can easily digitally edit a scanned copy, we consider this an appropriate additional check.

Imagine my surprise when viewing the uBank web site and seeing that they don’t even want the certified copies of the identification – they accept uploaded scanned copies ie: a copy of a certified copy and copies of all other documents.  Talk about inconsistency!  I haven’t checked the AML legislation for some time but I would not be at all surprised if this was not fully compliant.

But to me is shows a deliberate attempt to impose policy that makes it more difficult and therefore more expensive for mortgage brokers, for no other reason than, they can.  Or do they hope that by disadvantaging mortgage brokers they will gain more direct market share?