The agreement promises to offer a next-generation software suite for Canadian mortgage lenders
Finastra company Filogix and underwriting software company Fundmore.ai Inc. have announced a new partnership that will offer a software suite tailored for the needs of the Canadian mortgage lending industry.
The two companies said that they intend to give lenders, brokers, and the intermediary digital mortgage platforms “an advantage in the current marketplace where digital and transformational capabilities are increasingly in demand.”
Through its automated loan origination system, Fundmore.ai deploys machine learning to “streamline funding, underwrite risk, improve efficiency through analytics, and greatly improve the success and speed of the workflow and underwriting process for mortgages,” the companies said.
“The FundMore partnership allows us to continue supporting the digital transformation for our lending partners,” said Jerry L. Lo, vice president of Filogix. “For us, FundMore will not only enable us to deliver an exceptional client experience but their products and services will also enhance our competitiveness in solving the increased demand for cutting-edge solutions to current inefficient mortgage processes.”
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FundMore.ai is designed to be the next step from the systems offered by Filogix, allowing the latter to replace its existing Filogix Exchange and Filogix Express products with next-generation AI-powered systems.
“Our award-winning platform will help Filogix exceed the digital-first expectations of lenders and consumers. Consumers continue to expect the mortgage experience to be as easy as shopping online,” said Chris Grimes, CEO of FundMore.ai. “Not only that, but underwriting is now a one-day process, and lenders of all stripes should be rethinking their legacy systems for this industry paradigm shift.”
