Equifax Canada and M3 Group recently formed a partnership designed to drive faster mortgage credit decisions for consumers by automating employment and income verification.
The companies say an 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.
“For decades, mortgage brokers, lenders and buyers have relied on paperwork to satisfy income and employment requirements,” says 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.”
Éric Chamelot, VP, mortgage solutions and lender relations of M3 says, “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.”
The M3 Group includes 6,000 mortgage brokers. Its subsidiaries include Multi-Prêts Hypothèques, Mortgage Alliance, Invis, Mortgage Intelligence, Verico, M3 Tech, M3 Ventures, M3 MortgageBOSS 5.0 and SimplInsur/SimplAssur.