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Mortgage processing firm invests in tech company

by Staff Reporter7 minute read
The Adviser

First Mortgage Services (FMS) has announced it has made a strategic investment in Australian software company Mogo Holdings.

Mogo’s technology is designed to allow consumers and businesses to better access and manage information online.

The technology lets lenders instantly authenticate the financial information of an applicant through bank-proven secure systems, dramatically reducing the time it takes to verify documents and account details.

Patti Eyers, chief executive of FMS, said the investment in Mogo would set the company apart from its competitors.

“Technological innovation is critical to the future of lending services, and this collaboration with Mogo highlights the forward-thinking strategic vision of FMS,” she said.

“Through this alliance with Mogo, FMS has secured access to new, cutting-edge technology which will transform the way consumers securely access their financial information online. This investment enhances our end-to-end mortgage offering, and exemplifies FMS’ long-term commitment to transformational leadership in the electronic age of Australia’s lending market.

“For lenders, this technology reduces credit-processing complexity, inefficiency and risk. For borrowers, the client experience is markedly enhanced, by making it easier and faster for borrowers to navigate the application process,” Ms Eyers said.