New integration will give access to real-time financial insights
Mortgage Choice is set to make open banking part of its loan application process through a new partnership with technology provider NextGen, allowing its network of brokers to access real-time financial data using the Frollo Financial Passport.
The move sees the open banking tool integrated into Mortgage Choice’s proprietary Broker Platform. The Frollo Financial Passport leverages the Consumer Data Right (CDR), which enables customers to securely share their financial information with mortgage brokers through an opt-in system.
According to Nicole Devine, general manager product at REA Group’s Financial Services division, the introduction of this tool is part of a broader plan to enhance broker workflows and efficiency. The partnership also marks the first step in Mortgage Choice’s adoption of open banking infrastructure.
“This partnership is a pivotal next step in our tech roadmap, and underscores our commitment to equipping brokers with systems that helps them save time and deliver even better customer outcomes,” Devine said.
She added that the tool can accelerate asset and expense verification, giving brokers quicker access to insights about a client’s financial position – potentially improving pre-approval conversion rates and reducing turnaround times.
NextGen’s head of broker partnerships, Renee Blethyn, said the integration offers a more secure and modern alternative to traditional data collection methods.
“We’re excited to bring Mortgage Choice brokers the most advanced technology available, and offering their clients a safer, more secure way to share their information,” Blethyn said.
