Association says new partnership will speed up loan processing

by Julia Corderoy11 Sep 2014
The Finance Brokers Association of Australia (FBAA) has announced a partnership with Australian technology company MOGOCheck, that says will help its members speed up loan processing.

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.

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”.

The cost to brokers going forward will be $9 plus GST per application.

MOGOCheck CEO Andrew Clouston said it is a great opportunity for the company to partner with the FBAA, as “over 50% 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.

The app extends beyond mortgages to personal loans, car loans and credit cards, with over 90% of Australian bank accounts covered.

MOGOcheck will be available through the FBAA website and FBAA app from late September for members.