Lendesk Technologies’ latest launch promises to save brokers time.
Lender Network is a platform that allows licensed mortgage brokerages to file applications directly to lenders and, in the process, mitigate demands on their time.
“The mortgage industry in Canada requires the collaboration of a number of different stakeholders,” said Lendesk CEO Alex Conconi. “If one brokerage wanted to digitize everything, they couldn’t do it unless they had the participation of all the lenders they work with, so it’s really about the lenders coming together and helping champion innovation to catch up to those other industries, and this is an example of that.”
A slew of lenders are part of Lender Network, including Scotiabank, First National, CMLS, Equitable Bank, and the Paradigm Quest group of lenders. Brokers will be able to securely pull credit from Equifax and TransUnion and then submit their files seamlessly.
Lendesk will soon announce additional lenders. It will operate on a pilot basis to start to ensure operations run smoothly.
“Over the last year and a half, we’ve confidentially and quietly contracted with and built integrations to lender partner systems,” continued Conconi. “It’s a big undertaking just connecting our system to one of these lenders and it’s something that can take many months, depending on where things are at with the lender. The announcement shows that we’ve made a lot of progress and we have a lot of support from a lot of lenders to make this a reality.”
While Lender Network will surely make filing applications leaps and bounds easier, not to mention faster, lenders, too, are rejoicing.
“CMLS is committed to the broker channel and to engaging with its broker partners in ways that enhance the flow of communication, data and documents,” said Dan Putnam, senior vice president of business development at CMLS Financial. “The Lendesk Lender Network launch should help enhance all of the above.”
Brokers will be able to submit everything from down payments to appraisals to the lender directly from the source without having to print a single sheet of paper.
“We can integrate the features with lenders more deeply and build a more seamless experience for brokers and their customers, but it allows them to manage their day more efficiently,” said Conconi. “Using the Lendesk mobile app, they can scan from the field and submit to the lender directly from the system. They don’t have to worry where the file is on a desktop or log into multiple systems. It’s all in one.”