FBAA members will soon have access to a real-time verification tool that could cut three weeks from the mortgage application process.
MOGOCheck said its app can retrieve and categorise key data elements in minutes, versus the days and weeks of the current manual process. The encrypted data is then turned into a report.
Chief executive Andrew Clouston said MOGOCheck was a cost-effective way for brokers to reduce paper handling and eliminate document fraud.
The app will be available through the FBAA website and FBAA app from late September for members, and will be free until the association's annual conference in November.
FBAA chief executive Peter White said MOGOCheck would offer significant benefits to members by allowing them to process loan applications quickly and efficiently.
“Processing loan applications can sometimes take up to three weeks and any software application that can speed this process up is a great advantage to our members,” he said.
“The market has been in need of innovation for some time now, and MOGOCheck brings developed technology that can give brokers the ability to quickly, accurately and securely perform loan checks that will dramatically change the way the industry operates today.”
The app can be used with more than 90 per cent of Australian bank accounts, and can also be applied to payday loans, personal loans, car loans and credit cards, according to MOGOCheck.