Industry-changing initiative set to transform the mortgage income verification process in Canada
TORONTO, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Equifax® Canada Co. and M3 Group, today announced the first-ever partnership of its kind in Canada designed to drive faster mortgage credit decisions for consumers by automating employment and income verification.
The enhanced partnership builds on Equifax and M3’s efforts to accelerate the “speed to yes” for mortgage brokers and consumers by transforming the way employment and income is verified by lenders. The integration of Equifax’s Verification Exchange™ database within M3’s industry-leading MortgageBOSS platform will accelerate the process for lenders and provide quicker and easier access to products for consumers.
Income and employment data is the most accurate way to assess a consumer’s capacity to pay their mortgage. The Verification Exchange database provides a trusted and comprehensive summary of the borrower’s income and employment history for up to three years. By removing paper-based verifications, consumers will gain quicker 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 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.”
“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.”
Verification Exchange will be available to brokers and lenders through MortgageBOSS in October 2019.
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide.
About M3 Group
The M3 Group is the #1 non-bank originator and undisputed leader in mortgage brokerage across Canada. With more than 6,000 brokers and $44+ billion in annual loan volumes, the broker-led, technology driven, consumer obsessed group and its subsidiaries, Multi-Prêts Hypothèques, Mortgage Alliance, Invis, Mortgage Intelligence, Verico, M3 Tech, M3 Ventures, M3 MortgageBOSS 5.0 and SimplInsur/SimplAssur have a single goal: to be the best consumer ally when it comes to financial services for Canadians from coast to coast.
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