The rise of digital technology has not only revolutionized the mortgage industry, it’s also changed your role as a mortgage broker. At CMI, we are laser-focused on the importance of wielding the power of technology and digitization to help support you, rather than replace you. We are constantly making improvements to our technology to make it more efficient for you to serve your clients, and ensure that we are connected to all major submission, open banking and other important online platforms.
Improving our technology has always been a priority. We want to ensure that you have access to the best resources to support your clients, and at the same time, dismantle any misconceptions that still exist about private lending. In today’s world, you can instantly transfer money to a friend, order an item online and find it on your doorstep the very next day, and get food or groceries from across the city without ever leaving home. Consumers have come to expect the same speed and security in every aspect of their lives, and mortgages are no different. That’s why our industry-leading end-to-end digital process has become an increasingly important differentiator for us and our broker partners in an extremely competitive environment.
We understand that the ease of deal submission and turnaround times are crucial, and we want to offer an exceptional experience – superior to what you would receive when working with a traditional lender. Our technology allows us to review submissions and approve financing in just hours – and in this competitive market, an hour or two can make all the difference. In addition, our renewal process will notify you automatically if a client is ready to refinance or renew, which helps you stay in contact with clients when it matters most. Our portal also allows you to submit applications directly to us without having to email over sensitive client information. We collect documents electronically, no-contact appraisals have been implemented, and we encourage our broker partners to use virtual signatures, which will remain important features long after pandemic restrictions are lifted.
Technology has also leveled the playing field to allow more private lenders to reach more borrowers, bringing private lending out of the shadows and into the limelight. When the Filogix platform opened to private lenders and mortgage investment corporations (MICs) in 2020, and Equifax required all lenders on the platform to be credentialed that same year, it allowed more brokers to connect with more experienced and trustworthy private lenders more securely.
As Canada’s premier private mortgage lender, our success has allowed us to invest in the best digital solutions available, compared to other smaller lenders. In 2021, we announced over $1 billion in lifetime mortgage fundings. With rapid growth and increasing demand for private lending, we are always looking at future enhancements. In the coming year this includes:
- Product innovation – We are known for our creative mortgage solutions, and we want to continue providing options that can fit any and all of your clients. This year, we have plans to offer more equity products and new user-friendly single charge solutions.
- An online makeover – We have been busy completing a total overhaul of our broker and investor websites to make them easier to navigate and access key resources and information.
- Enhancements to our broker portal – As part of our new broker website, we are launching a revamped portal with even more comprehensive tools and resources to make your life just a little bit easier.
If there’s one thing you can count on, it’s that CMI will never get comfortable. We are always looking for ways to stay ahead of the curve and continue innovating in the ever-changing mortgage industry, so you can serve more clients, better and faster.
Partner with CMI today and see why we’re preferred by brokers across Canada. With access to more than $1 billion in capital, we lend everywhere from cities to towns and everything in between.