D+H was quick to resolve the issue – and all technical hands were indeed on deck. But brokers trying to push through a mountain of preapprovals ahead of today’s rate reset were, nonetheless, confronted by Expert technical problems that slowed and, at some points, blocked submissions Wednesday.
“Filogix, why do you have to crash on the day that interest rates increase?” tweeted one of many frustrated brokers taking to Twitter yesterday afternoon to vent. “It's going to be a long night.”
Online consensus was a glut of applications on the last day of industry's 2.99 per cent discounts overwhelmed the system.
“I guess every other mortgage broker in Canada is putting in their rate holds today,” tweeted B.C. broker Scott Dawson. “Filogix is slooooow.”
That may not have been the case, D+H head of broker business told MortgageBrokerNews.ca, at the same time apologizing for the delays.
“We certainly feel the pain of our broker-partners,” said Jerry Lo, “and we understand the timing of the technical difficulty was problematic for brokers trying to get deal in ahead of the rate readjustment.
“We want them to know that we are doing everything possible to find the root cause the problem, although it was quickly resolved, and we also want the broker community to know that we have had a team of technology experts monitoring the system around the clock to ensure that it doesn’t happen again.”
The delays ultimately forced some lenders to get creative in order to help clients secure what may be the lowest fixed rates the industry will see this year.
One mono-line reset its clock to Eastern Standard Time, giving brokers an extra hour to file. That accommodation came just ahead of the system’s return to normal in around 4 o’clock Wednesday afternoon.