This partnership is increasing connectivity and improving efficiency for private lenders and MICs across Canada
Private lenders have increased connectivity through a partnership between Filogix and Dolphin Enterprises. Lenders using Dolphin’s MIC Manager software can now receive mortgage applications directly from any agent using a point of sale (POS) system that’s connected to the Filogix Marketplace.
“The big value of this partnership for the private lending industry is the electronic transmission of data, particularly for the compliance requirements for Equifax,” said Shannon Dolphin, CEO of Dolphin Enterprises. “Integrated electronic data transmission with software delivers greater protection of consumer data with transparency of sending credit reports.”
Upcoming changes to the handling of Equifax credit reports mean that all lenders, including private lenders, must be in a position to receive credit reports securely and thus provide consumers with a transparent view on who is seeing their confidential information.
In addition to transparency with consumer credit, the partnership provides the added benefit that mortgage application data, along with credit bureaus for those lenders credentialed with Equifax, is electronically ingested directly into MIC Manager. Mortgage application data only needs to be inputted once by the broker into Filogix Expert or another POS where it then flows directly into the MIC Manager system to generate commitment letters, approval letters, broker letters, and other documents. The benefit specifically for MIC Manager clients is that once approved, all mortgage application and underwriting data flows seamlessly into the loan servicing system with no need for duplicate data entry.
“Lenders who aren’t fully connected end up retyping the same piece of information many times,” said Ryan Spence, director, strategic accounts at Filogix. “To have that flow from a single point of entry, all the way through to underwriting, servicing, back end funding, and investor relations improves efficiency incredibly. The effort that the lender would spend retyping data can now be directed to acquiring new business or working to provide new products.”
Lenders using Dolphin’s platform can issue commitments within Dolphin which are then passed directly back to the agent within, for example, Filogix Expert. This makes it easier for agents and brokerages to manage their applications. Spence says brokers can simply click a button to accept the commitment and move that file forward to payroll, compliance, and contact management systems without having to re-enter that information. Dolphin agreed that the flow of data is huge for private lenders, as the integrity of the data is maintained through underwriting, offering transparency in reporting. Once funded, that information then flows seamlessly into Dolphin’s servicing platform.
As the private lending industry is increasingly becoming more competitive, MICs are now competing for more deal flow from the broker network and the partnership between MIC software such as MIC Manager and the Filogix Marketplace provides this exposure, says Dolphin.
Smaller private lenders can also benefit from increased visibility in the drop-down menu within Filogix Marketplace. For both lender and broker, security, transparency, and compliance of the transaction are all key concerns, and through this partnership, all of these are improved.
“Two of the consistent trends of the past years are the ever-increasing importance of robust documentation and the consumer’s demand that their information be protected,” said Spence. “Consumers expect transparency, they want to know exactly what’s happening every step of the way, which requires pristine record keeping by the brokerage. This partnership allows larger brokers and lenders to manage thousands of files, and that easy movement of data between the people who need to see it is so important.”
Lenders need to look at more than just the acquisition of the mortgage application, Spence added, and how connectivity can improve their process through the entire lifecycle of a mortgage. Dolphin agrees. As an example she says “Dolphin Enterprises also offers accounting services to help private lenders upkeep the standards that are required to maintain their MIC status, portfolio and cash management analysis, giving private lenders a competitive advantage when it comes to managing investors, underwriting, loan servicing and real time accounting.”
In a time where connectivity is key, Spence added that he is pleased with the greater data efficiency and security of information that this partnership allows.
