Leading AI innovator FundMore partners with Canada's origination giant M3 Financial Group to accelerate mortgage approvals for all Canadians

TORONTO, Nov. 30, 2022 /PRNewswire/ - Award-winning mortgage underwriting software, FundMore today announced a strategic partnership with the country's undisputed leader in loan origination, M3 Financial Group.

A true collaboration

M3Tech and FundMore will work together to use FundMore's powerful end-to-end loan origination platform to significantly accelerate "speed to yes" by reducing rising fraud levels, increasing lending options for borrowers, and ultimately improving the overall mortgage experience for all stakeholders. This is a win/win for brokers, borrowers, and lenders.

Reducing rising fraud to improve the overall mortgage experience

Mortgage fraud has increased significantly since 2020. Yet, many brokers and lenders lack a quick and failsafe way to identify fraud. Manual fraud checks are error-prone and slow, adding many days to the already lengthy mortgage process. This exposes lenders and brokers to unnecessary risk and results in stressed anxious homebuyers.

Through its innovative architecture, FundMore will advance M3's broker and customer experience and digital transformation goals by:

• eliminating manual processes to make underwriting teams up to 50% more efficient;
• reducing the time spent on document collection by up to 75%;
• reduce funding times by up to 90% with the help of industry-leading AI-driven technology;
• dramatically reducing application errors and fraud, which currently are present in 70% of applications (industry-wide ave figure) and,
• adding an extra layer of security with SOC 2 Type 2 certification.

M3 Financial Group is the company behind Multi-Prêts Hypothèques, Mortgage Alliance, Invis, Mortgage Intelligence, and Verico. Together, the group offers mortgage brokerage services and insurance products through its national network of brokers.

FundMore is the leader in AI-assisted and cloud-native lending platforms.

"The partnership with FundMore accelerates our focus on bringing unparalleled value to our broker and lender partners. We believe this will separate our brokers from the industry pack," said Luc Bernard, M3's Chairman and CEO. "Brokers and lenders across our ecosystem will now benefit from FundMore's innovative platform which will make us more efficient, reduce document collection time, and dramatically improve funding times for borrowers. Simply put, FundMore will enable our network to work faster, smarter, and more securely. We're excited by FundMore's deep talent, innovative technology, and vision to move our industry forward."

"FundMore and M3 share the vision that a data-informed consumer experience is the future of the global mortgage market," said Chris Grimes, FundMore's CEO. "The time frame from application to funding is now a few days, rather than weeks and months. Our software will enable that throughout the M3 network. Our new partners are leaders in customer-centric and technology-supported lending, and we couldn't be more excited about this true Canada-first partnership."

About FundMore

FundMore's suite of products incorporates features and functions inclusive of the advancement in technology and software. FundMore's comprehensive automated LOS (Loan Origination System) utilizes machine learning to streamline funding, reduce risk, improve efficiency through analytics, and greatly improve the success and speed of the underwriting process. FundMore's automated underwriting front-end platform includes the latest technology including live google maps, automated property valuation, a secure document portal with e-signature, ID verification, and more.

As a result, FundMore has received numerous industry awards and recognitions, including being a 2021 Canadian Mortgage Awards finalist, winning the Go Global Awards 2021 Top Placer Award, being nominated as the Best AI-Driven Automated Underwriting Software 2021 by Corporate Vision, winner of The Canadian Proptech Innovation Award 2021, The Next Big Thing Award winner by Best Ottawa Business, 5-Star Mortgage Employers 2022, and more.          

For more information on FundMore, please visit the company website at https://www.fundmore.ai

About M3 Financial Group

Based in Montreal, Quebec, The M3 Group is the #1 non-bank mortgage originator and the undisputed leader in mortgage brokerage across Canada. With more than 8,300 brokers, the broker-led, data-driven, consumer-obsessed group and its subsidiaries, Multi-Prêts Hypothèques, Mortgage Alliance, Invis, Mortgage Intelligence, Verico, Simplinsur/SimplAssur, M3 Tech, M3 Ventures, YourMortgageMarket.com, and Pinch Financial have a single goal: be the best consumer ally when it comes to serving the financial needs of Canadians from coast to coast.

For more information on M3 Financial Group, please visit the company website at https://www.m3-grp.com

SOURCE FundMore