Preparing for a mortgage approval can often feel like tax season – mounds of paper that somehow prove your worth. Now Equifax Canada Co. and M3 Group have created a Canadian partnership that streamlines the process by automating employment and income verification. This makes the “speed to yes” or approval that much faster.
The pre-approval process used to be a grind. Documentation of your identity, bank account, assets, and proof of income – and debts – can be a pain to track down.
Equifax provides a Verification Exchange database that allows for income and employment information to be accessed almost immediately. By integrating this technology with M3’s industry-leading MortgageBOSS platform, lenders will be able to assess a consumer’s capacity to pay for their mortgage in a matter of seconds. The future of paper-based verifications will become nearly obsolete.
“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.”
Éric Chamelot, Vice President, Mortgage Solutions and Lender Relations of M3, said “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. 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.”
Brokers and lenders will have access to this technology this October 2019.