Partnership to benefit brokers

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The newest industry partnership promises to help lenders provide bet possible products for brokers and, indeed, clients.

Teranet and Equifax Canada announced a partnership last week. The two industry service provides will cooperate to offer Canadian home buyers a new Real Estate Secured Lending insights report.

It’s a partnership that hopes to bolster the mortgage lending industry by helping lenders better understand clients and tailor products to Canadian homebuyers.

“The use cases that we are currently developing are targeted specifically towards lenders that will provide them with new insights on mortgage and real estate status to help make more informed lending decisions,” Paul McGowan, leader of marketing strategy and partnerships at Teranet, told MortgageBrokerNews.ca. “Lenders will be able to ensure the most appropriate product, service or solution is effectively positioned to the right consumer.”

The report will contain real estate data that can be used to evaluate mortgage products and services for clients, according to the release.

"We are very excited to partner with Equifax and look forward to providing customers with even greater insights that will ultimately help strengthen lending decisions,” Drew Doherty, director of marketing and product development at Teranet, said in a release. “These data-rich solutions can be used by financial institutions to inform and adjust their strategies and underwriting guidelines while aligning solutions to meet the evolving needs of the Canadian consumer."

And it’s a partnership McGowan says will directly benefit mortgage brokers.

“Both Teranet and Equifax are highly committed to serving the mortgage broker space and in the future we may consider additional use cases that will have direct applicability to brokers,” he said.

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