Mortgage Alliance is making it easier for brokers to access lenders, with the launch of a new “Super App” module for its MortgageBOSS. The one-step program allows brokers to input application details, electronically canvass top broker lenders for “the best fit” and, with the push of a button, send it off to one of those lenders.
“The fact is most mortgage brokers have a core group of lenders they deal with,” Michael Beckette, MAC President & CEO, told MortgageBrokerNews.ca, “but on deals that fall outside those lender guidelines, brokers are often left trying to figure out where to send it. Our Super App answers that question and also eliminates the kind of duplication of work that keeps brokers from performing an exhaustive search for the most appropriate lender or rate.”
Whether online or off, the Super App invites brokers to enter all of a mortgage application’s details along with the validation requirements of participating broker channel lenders, CMHC and Genworth. Even as a client’s data is being entered, the program gets busy eliminating lenders based on their own criteria. At the end of that process the mortgage professional is left with a list of lenders prepared to look at that deal.
That process is similar to programs already on the market – even one available through an earlier version of BOSS, said Beckette. “But a key distinction with the Super App is that brokers enter those applications only once and that then gets sent via Expert to the underwriter. There is no re-input of information. We realized quite a while ago that until that extra step – that duplication was removed – it wasn’t going to work for brokers.”
While the app does most of the vetting, it still falls to the broker to decide where exactly a client application gets sent.
In fact, Mortgage Alliance just completed beta testing on the Super App in Aug, with as many as 300 of its mortgage professionals putting it through its paces. The module is another key upgrade to the BOSS platform.
Earlier this summer, Beckette announced that the company would move to target unaffiliated brokers as potential customers for that proprietary originations software.
“This is a logical evolution based on the results and testimonials we’ve received from our own network,” he told MortgageBrokerNews.ca. “We developed a completely integrated system that assists a mortgage professional to run a more customer centric business.”