The FBAA has endorsed a new real-time verification tool that is expected to boost efficiency of home loan approvals.
MOGOCheck – an Australian technology company developed by former National Finance Club owner Andrew Clouston – will provide real-time, consent driven, bank transaction data for more than 10,000 FBAA members.
In June, Mr Clouston told Mortgage Business that the app – which benefits brokers by speeding up loan applications – had received significant interest from broker groups and lenders.
“Over 40 per cent of mortgage applications in Australia go through brokers, which is why MOGOCheck’s process has been optimised, to address the client-broker-lender flow,” MOGOCheck chief executive Andrew Clouston said.
“They are a valuable segment for us, because they want to provide their clients with an efficient service without spending a small fortune on technology,” Mr Clouston said.
“By providing them with the tools to be more efficient and make instant decisions, and eliminating document fraud, MOGOCheck has brought a much needed solution to the industry,” he said.
FBAA chief executive Peter White said the association’s partnership with MOGOCheck was indicative of its continued commitment to innovation.
“From our perspective, MOGOCheck offers significant benefits to our members across Australia allowing them to process loan applications quickly and efficiently,” Mr White said.
“Processing loan applications can sometimes take up to three weeks and any software application that can speed up this process is a great advantage to our members,” he said.