That partnership with Invis/MI and rate site Kanetix is now being expanded to Alberta, Saskatchewan, and Manitoba, after a fall launch in Ontario that captured broker attention both in and outside the organization.
"Homebuyers and homeowners have shown they're receptive to the idea and we're pleased to now be able to help even more Canadians navigate the mortgage pre-approval cycle online," said Yousry Bissada, president and CEO of Kanetix, in announcing the service area growth. "Kanetix.ca offers Canada's only mortgage comparison service that allows you to secure a rate and receive a pre-approval in real-time."
Under the terms of its partnership with Invis/MI, the site's pre-approvals are then contacted by a Invis/Mortgage Intelligence call centre. A more-complex deal is handled by an Invis or MI broker before being forwarded to the lender for underwriting.
“It’s worth noting," said Bissada, "that for customers looking to secure a rate online, Kanetix takes a preliminary application from a rate shopper and completes an online credit check through our partnership with Equifax.
"Alternatively customers also have the option to connect with a live mortgage agent to complete an application with them over the phone.”
The partnership with Invis/MI has been billed as a way of helping brokers better capitalize on online rate shopping.
“We’re targeting triple A clients with high credit ratings and at best we expect to close at least five to 10 per cent of the deals we receive online,” Invis/MI head Bob Ord told MortgageBrokerNews.ca late last year. “I think 90 per cent of the traffic will not make the criteria and so they will be referred to our broker network.”
Under the deal with Kanetix, the broker network pays a referral fee for every lead/deal its closes.