Rocket Cos. Canadian FinTech firm automates loan document submission
Lendesk Technologies, a Vancouver-based FinTech provider for Canada’s mortgage professionals, and part of Detroit’s Rocket Cos.’, announced a partnership with Intellifi and Strive to streamline the lending experience for Canadian mortgage professionals – both brokers and lenders.
With this new technology, mortgage brokers can now digitally submit client documents directly from Lendesk’s digital mortgage platform, Finmo, to partner lenders via Intellifi. This solution will help simplify the fragmented, antiquated process used by nearly all Canadian lenders by providing a faster turnaround time for brokers and their clients. Strive will be Lendesk’s first lender to adopt the new, simplified method.
“Finmo has been the industry leader in client document management since the creation of Smart Documents,” said Carter Zimmerman, president of Lendesk. “The addition of this unified and automated document submission to lenders helps brokers securely and efficiently transfer files to the underwriter, adding convenience and streamlining the process while significantly reducing the potential for fraud.”
Traditionally, Canadian mortgage brokers have not had an efficient way to submit an applicant’s document to lenders, relying on manually collecting the paperwork and sending via unencrypted email. Now, through this collaboration, brokers will enjoy a safer and faster process when submitting their clients’ mortgage documents, saving time through automation.
This technology enables brokers to continue to offer a secure, digital experience for their customers while adding a layer of protection when sending sensitive files.
“At Intellifi, we are constantly innovating and investing in our platform to match the ever-changing digital lending landscape,” said Derek Cook, vice president and managing director of residential technology at Intellifi. “This is another example of working closely with our partners to help identify and create next-generation digital solutions that improve the client and underwriter experience.”
Lenders who are part of Lendesk’s network now have access to the transparency and simplification that comes with automated document categorization, helping to speed up funding approval. Through this technology, lenders can identify the person who uploaded the document file, eliminating the need to manually process and identify the source of submissions.
“Since its inception, Strive has been committed to creating solutions aimed at simplifying the mortgage process for brokers and customers,” said Marty Frenette, president and CEO of Strive. “Not only do these solutions improve the closing experience, they also provide significant efficiency benefits for us as a lender. Our collaboration with Lendesk and Intellifi on direct document submission is based on a mutual commitment to this mission.”
In 2023, Lendesk will expand the new automated submission of loan documents, and offer it to all lenders who wish to participate.
Lenders interested in joining the next phase of lender onboarding should contact Intellifi at [email protected] or Lendesk, at [email protected].