Brokers get access to new lenders on a familiar platform
Historically, many alternative lenders have been excluded from the Filogix Expert digital mortgage marketplace and have therefore been relegated to receiving their applications, credit bureaus and supporting documents in a printed format.
Not anymore.
According to the Filogix team, they have been collaborating with several industry players in order to create new and innovative connectivity solutions that will simplify access to alternative, MIC and private lending offerings. Newton and myBrokerBee are the first of several providers to the marketplace.
As Filogix makes planned system changes to remove the print ability of applications and credit bureaus, they have worked with third party partners to provide accessible and affordable means to include all alternative lenders into their marketplace.
“As we continue opening up connectivity to alternative, MIC and private lenders in the coming months, we plan to remove the ability to print the mortgage application and mortgage summary from Expert.”
By choosing Newton’s Link Lender web based alternative lender solution, alternative and private lenders will have a direct listing in both the Expert and Velocity Lender Marketplaces, allowing brokers across Canada to see that profile and explore their products.
Tim Rye, Head of Canadian Lending Technology, Finastra, said that they’ve taken a look at their systems and platforms over the past year in the context of the changing marketplace, and have made some changes around how data flows in and around their platforms, with more changes yet to come. The goal, he said, is “bringing increased governance and controls to our user groups and to our marketplace participants.”
That data flow is a particular sticking point. Principal brokers are responsible for the compliance of their brokerage, and Rye said they have been increasingly forthcoming with their concerns about how information is being moved in and out of platforms as well as the expectations and their responsibility to manage that.
“The proliferation of data and the movement of data is growing very quickly. Our Canadian government studying open banking standards, we have new APIs in the marketplace now . . . as all that happens, and as new technology players come, we’re certainly noticing an increasing demand for better governance and controls,” he said. “So I think as you see regulations changing, you see new technology entrants coming into the marketplace, new ways of communicating and doing business, new tools, new expectations, we all have to expect new controls, new digital assets, and new ways of moving information around will come to market as well.”
