TORONTO, Sept. 30, 2019 - M3 Group and Equifax® Canada Co. 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.
"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."
"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 in October 2019.