Mortgage brokers have reacted positively to the launch of a digital mortgage by 86 400, but believe the industry and borrowers might need time to adapt to an almost paperless origination process.The 86 400 business, which acquired a full banking licence from APRA in the middle of this year, says it has broken new ground for an Australian bank after it unveiled a purely digital mortgage process tailored to the broker market.Chief executive Robert Bell believes the new platform will compress the waiting periods for loan approvals by up to six times faster than the four major banks."The 86 400 offering provides brokers with a fully digital solution that delivers a faster time to a home loan decision, with next to no paperwork," Bell said. "The approval process is up to six times quicker than the Big Four, with just a single piece of paperwork needed for a purchase - the contract of sale."Although several non-bank lenders such as Tic:Toc have introduced paperless home loan application systems, brokers say the 86 400 platform could be a game-changer for their industry."We hate paper," said Sheyne Walsh, principal of Sydney broking firm, Kingsbridge Private."They will have to prove they can deliver their service consistently and manage volumes if their products become popular."Their pricing looks good but we don't know enough about how they well they can service clients on an ongoing basis."86 400's best rate is 2.88 per cent for a 3 year fixed rate mortgage. The bank has told brokers it will focus initially on lending to borrowers seeking loans for up to 80 per cent of property values.Bell indicated that distribution partnerships had been negotiated with aggregators Vow Financial and Specialist Finance Group, which gives 86 400 exposure to 2800 brokers.However, the bank is in talks with other aggregation platforms with a view to joining their panels.Mark Haron, executive director of Connective Home Loans, said his firm had been working with 86 400 for several months."I'm impressed by the process the bank has developed - it is a truly digital online system," he said."I think it will help to streamline the work of brokers but one of the issues will be finding customers who are comfortable about using a purely digital platform."Also, brokers need to acquire information about customers and do assessments before they can determine whether 86 400 is the right lender. "If customers hand them paper documents that might make digital origination a challenge."Haron said there was a big incentive for brokers and borrowers to embrace paperless loan systems because such processes could expedite approvals.Bell said the mortgage application framework took 18 months to develop and included input from seven  technology companies.The broker lodgement portal was designed by Sydney web developer Simpology and the core loan origination piece was created for 86 400 by Loanworks.