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MOGO allows brokers and lenders to receive customer data on income verification within 60 seconds, streamlining the front-end mortgage distribution process, according to company founder and former National Finance Club owner Andrew Clouston.
Launched late last year, the customer-driven technology will be distributed to borrowers via brokers and lenders.
“We have a couple of broker groups within the market who are very keen to start introducing the product to their brokers, and we have some lenders who are keen for that to happen as well,” Mr Clouston told Mortgage Business, adding that the names of those taking up the new technology will be announced in the coming weeks.
“It’s quite an impressive list,” he said.
On June 5 Mortgage Business reported that Property Exchange Australia (PEXA) electronic settlements are revolutionising back-end systems as lenders rush to digitise their loan processing capabilities.
PEXA chief executive Marcus Price expects banks to develop mobile apps that will track a customer’s mortgage.
“We are providing all the hooks for the banks and it is a certainty they will be there,” Mr Price said.
“There is no doubt that is part of their strategy, to put that into the consumers' hands.”
MOGO’s Mr Clouston said that obtaining income verification documents currently slows down the approval process, adding that the new verification tool could provide a competitive advantage to lenders.
“Particularly for those businesses looking to spread their distribution across multiple channels,” he said.
The technology operates on Windows and Mac desktops and both Android and iOS mobile devices.