A new mortgage innovation product is making waves in the Canadian financial industry.
In October, Newton Connectivity Systems launched its Discovery platform: a broker rate search engine designed to improve efficiency and the client experience.
It has been called the “match.com for mortgages” due to its ability to pair up lenders and brokers who might not have previously connected. The Discovery platform comes with the ability to recommend the top three products that best match the application and pre-fill an application with up to 32 different data points.
Newton’s platform effectively eliminates the need for a lender rate sheet. Instead, that information can be accessed at the click of a button.
“What we wanted to do is take all these variables and instead of making them something that lay down on a piece of paper that they have to sort on a desk and figure out manually, we wanted to make it digital. We wanted to put it in an environment that was very simple,” said Geoff Willis, president and CEO of Newton Connectivity Systems, to Mortgage Broker News.
“The idea is that we’re taking the whole availability of the marketplace and putting it right at the brokers fingertips and making it so that they can truly offer their customer choice in a much more transparent way, and make sure that they’re not also sending deals to lenders that they’re clearly not going to have an appetite to do and just hope for the best.”
Unlike other rate search engines, Discovery does not rely on third-party rate updates. Instead, lenders update and verify the platform directly with a date stamp of the last update visible for users.
The platform gives brokers the ability to build their network and enhance the client experience.
Typically, Kevin Dear, VP of Broker Experience at Newton, told Canadian Mortgage Trends, brokers have between three-to-five lenders they deal with regularly. Discovery enables brokers to take more time to research rate products outside of their core group.
It is also beneficial for new brokers who may not have yet built up the same extensive networks as those more experienced in the industry.
Discovery launched to 30 brokerages across the Dominion Lending Centres group. It is available to all brokers through Velocity and as a standalone option. It currently includes lenders covering 80% of prime origination deals, and Newton is in the process of adding additional alternative lenders.
Great job, Newton. We look forward to seeing what mortgage innovation comes next!
Learn more about Newton Connectivity Systems and the Discovery platform: https://newton.ca/
Purview offers innovative solutions for brokers and lenders alike that complement the Discovery platform. Quickly verify property ownership details, estimate value, determine available home equity, track title registration activity, and more.
Gain access today by calling 1-855-787-8439 or visiting www.purview.ca.
Purview is just one of Teranet’s Financial Services Solutions; stay tuned for our upcoming portfolio unveiling!