The CBA has already signed up for the service, which allows mortgage lenders to speed up the mortgage application approval process of qualifying customers while protecting the bank and its shareholders from loss resulting from mortgage fraud and customer default.
Graham Mirabito, CEO of RP Data, said mortgage fraud has been fairly uncommon in Australia until now.
“Every year in Australia mortgage losses is in the hundreds of millions of dollars and it is growing,” he said.
“Mortgage fraud is a significant and growing contributor to these losses. This fraud and detection tool will help reduce the annual cost of loan processing and will be used to fight fraud.”