A new partnership aims to bring faster mortgage credit decisions for Canadian homebuyers by automating a key part of the application process.
Equifax Canada and the M3 Group have announced their tie-up to provide automated employment and income verification for mortgage applications, speeding up the decision process.
The deal will see Equifax’s Verification Exchange technology integrated into M3’s MortgageBoss platform and enhances the two firms’ drive to ‘speed to yes’ for mortgage brokers, lenders, and homebuyers.
Equifax’s automated verification solution provides a trusted and comprehensive summary of the borrower’s income and employment history for up to three years and cuts the time – and potential errors – involved in manual verification.
“For decades, mortgage brokers, lenders and buyers have relied on paperwork to satisfy income and employment requirements,” said Vanessa Giuliani, General Manager of Workforce Solutions in Canada. “Our partnership with a technology innovator and industry leader like M3 will help transform the process into a more streamlined and secure verification benefitting buyers, brokers and lenders alike.”
Verification Exchange will be available to brokers and lenders through MortgageBOSS from this month.
“Collaboration is the key for M3 and working with partners like Equifax to bring fresh new approaches to the home buying experience with technology and innovation creates deeper and more relevant connections for lenders, brokers and buyers,” said Éric Chamelot, Vice President, Mortgage Solutions and Lender Relations of M3. “We’re confident the Equifax solution will be widely used and become the new standard for income verifications in Canada. We’re excited to play a key role in the transformation.”