Ottawa-based FundMore has partnered with VeriFast, integrating the latter’s identity verification technology into its mortgage underwriting software platform.
The partnership signals VeriFast’s rising profile as a digital identity verification specialist serving Canada’s real estate sector. In September, the Canadian real estate company Rent Panda launched a tenant screening system that included facial recognition capabilities, care of VeriFast.
“From day one I was impressed with VeriFast’s deep expertise and technology. FundMore now provides instant digital verification to streamline the mortgage process for our clients,” says Chris Grimes, CEO of FundMore. “Mortgage application fraud risk is a growing industry concern that needs to be addressed. Through this partnership, we continue to give lenders of all stripes the digital tools, automation, and security they need to keep up with changing consumer demands and regulatory requirements.”
The partnership gives lenders using the FundMore platform a new layer of security to originate loans, allowing them to instantly verify an applicant’s digital identity and financials without having to leave the FundMore platform.
“VeriFast is experiencing rapid solution adoption with mortgage lenders who want to digitize and streamline their pre-approval and underwriting processes,” said VeriFast Co-Founder Tim Ray. “Our partnership with FundMore will help automate financial and KYC-ID verifications. Together we are taking digital verification and lender security to a new level.”
November 16, 2022 — by Tony Bitzionis, with Alex Perala