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Online mortgage marketplace, HashChing, has partnered with Equifax to automate the collection and categorisation of income and expense receipts.
The partnership hopes to lessen the amount of time brokers spend sorting through paperwork and bank statements in order to accurately determine a borrower’s expenses.
By integrating Equifax’s MOGO software into its platform, HashChing will be able to provide its brokers with secure digital access to their clients’ complete 90-day transaction history.
The service will also automatically arrange any income and expense items within a possible 91 categories and flag risk factors, before they start filing for a loan.
This MOGO technology ensures borrowers’ data is secure as it encrypts it at the source and facilitates secure delivery.
CEO of HashChing, Mandeep Sodhi, said, “Equifax is a trusted provider of accurate and comprehensive credit history insights, we are very excited to roll out MOGO’s technology to our nationwide broker network.
“We anticipate that our brokers will feel better supported and have the tools needed to deliver an improved customer experience. Specifically, they will be able to turn loan proposals around faster, make better and more accurate loan product decisions, identify and avoid fraud, and help borrowers capture all relevant income and expenses.
“This will assist in protecting households from unnecessary mortgage stress by helping ensure they aren’t taking on loans that they can’t repay.”
HashChing anticipates automating the collation of bank statements and categorisation of income and expenditure receipts will save its brokers an average of 45 minutes.
