Equifax® Canada and M3 Group Help Accelerate “Speed to Yes” for Canadian Homebuyers
September 30 2019 - 4:00PM
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.
About EquifaxEquifax 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.
Contacts :Andrew FindlaterSELECT Public
Relationsafindlater@selectpr.ca 416 659-1197
Tom CarrollMedia RelationsEquifax
CanadaMediaRelationsCanada@equifax.com 416 227-5290
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