The Finance Brokers Association of Australia (FBAA) has announced a partnership with start-up Aussie technology company MOGOCheck that it says will help members speed up loan processing.
FBAA chief executive officer Peter White said the partnership, which will allow members to use the product at no charge until the association’s annual conference in November, is “indicative of the organisation’s continued commitment to innovation”.
MOGOCheck is an app for mortgage brokers that speeds up loan applications and approvals by retrieving and categorising key data elements like bank statements in minutes, rather than the days and weeks of the current manual process.
It extends beyond mortgages to personal loans, car loans and credit cards with over 90 per cent of Australian bank accounts covered.
Mr White said processing loan applications can sometimes take up to three weeks.
“Any software application that can speed this process up is a great advantage to our members.”
MOGOCheck CEO Andrew Clouston said they were thrilled to join with the FBAA as “over 50 per cent of mortgage applications in Australia go through brokers”.
“This is why MOGOCheck’s process has been optimised, to address the client-broker-lender flow. 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,” he said.
MOGOcheck will be available through the FBAA website and FBAA app from late September for members.