Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
EQ Bank and FundMore Partner to Optimize Mortgage Lending
Release | Jun 19, 2024
Image: Freepik/rawpixel.com
FundMore and Equitable Bank Announce Partnership to Improve Mortgage Lending
FundMore, an artificial intelligence-powered mortgage underwriting platform, has scored a partnership with Equitable Bank, Canada's seventh-largest independent Schedule I challenger bank. This collaboration intends to streamline and improve the mortgage process, making it more efficient and accessible to borrowers across Canada.
- The major purpose of this collaboration is to use FundMore's innovative technology to improve Equitable Bank's mortgage operations.
- FundMore's platform uses artificial intelligence and machine learning to automate and improve mortgage underwriting accuracy, saving time and effort on mortgage approvals. This integration is expected to benefit both borrowers and lenders by reducing response times and improving risk evaluations.
See: FundMore x Senso AI Launch Solution to Transform Lending
- Quicker decision-making will also improve the overall customer experience while reducing the paperwork often involved with mortgage applications.
- Initially, the new services will be provided in major markets such as British Columbia, Alberta, and Ontario. There are intentions to expand further depending on the success of the initial rollout and market demand. This strategic expansion aims to meet the needs of various customer groups, including owner-occupied purchases, refinances, and rental property investments.
Mahima Poddar, SVP and Group Head of Personal Banking at Equitable Bank, stated:
“Partnering with FundMore to implement the new LOS is a natural extension of Equitable Bank’s challenger commitment to drive change in Canadian banking. This AI-enhanced tool will allow us to unlock new levels of turnaround time, satisfaction, and engagement for our mortgage broker partners and employees. We are excited to work alongside a like-minded organization in FundMore as we continue to advance our innovation agenda and set new industry standards for excellence in mortgage lending.”
See: Fintech Fridays EP43: Taking the Mortgage Process From 40 Days to Minutes
Conclusion
By integrating the latest AI tech together with robust banking services, we can expect to see efficiencies and improvements in the near future.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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