Equifax Canada and M3 Group announced on Monday Canada’s first-ever partnership designed to drive faster mortgage credit decisions for consumers.
The partnership builds on Equifax and M3’s efforts to accelerate the “speed to yes” for mortgage brokers and consumers by transforming the way lenders verify employment and income data. The integration of Equifax’s Verification Exchange database within M3’s MortgageBOSS platform will accelerate the process for lenders and provide quicker and easier access to products for consumers.
The Verification Exchange database provides a comprehensive summary of the borrower’s income and employment history for up to three years. By removing paper-based verifications, consumers will gain quick access to mortgage loan decisions with reduced processing times as discrepancies can be resolved earlier in the process.
“For decades, mortgage brokers, lenders and buyers have relied on paperwork to satisfy income and employment requirements,” said Vanessa Giuliani, general manager of Equifax Workforce Solutions. “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.”
The database will be available to brokers and lenders through MortgageBOSS within the 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 Eric Chamelot, vice president of mortgage solutions and lender relations at 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.”