Proprietary platform to offer one-stop financing solution
8Twelve Financial Technologies Inc. has announced the formation of an agreement to provide mortgage solutions to consumers who have been declined at a leading Canadian bank.
Through its proprietary technology platform INFIN8, 8Twelve provides its partners with what it called “a one-stop financing solution”.
“Given the volatility and uncertainty caused by rapidly rising rates, 8Twelve partners have the confidence knowing that they are providing their clients the highest chance of success in finding the best mortgage solution using the 8Twelve platform,” the company said.
8Twelve said that the system culls information on the mortgage that best fits the situation through its extensive database on the bank, alternative, and private mortgage products currently available in the market.
“Most banks have a tight credit box and do not currently have alternative solutions for customers they turn down,” said Gary Fooks, chief executive officer at 8Twelve. “This forces their customers to seek mortgage solutions from other competing financial institutions, putting the bank-customer relationship at risk as the customers often move many or all of their other banking products to the competitor providing their mortgage solution.”
The INFIN8 back-end service helps 8Twelve’s partners maintain and strengthen their client relationships, Fooks said.
“We then work with these customers to fix their credit or income deficiencies to upgrade them back to their bank so they qualify for their products,” Fooks said.
Akber Abbas, president and chief information officer at 8Twelve, added that the INFIN8 platform offers regulatory-compliant transparency and analytics.
“We have access to over 65+ lenders and 7,000+ mortgage products empowering us to find the right solution for these turned down borrowers,” Abbas said.
