8Twelve Enters into Mortgage Solution Agreement with Top-Tier Canadian Banking Institution
TORONTO, Dec. 12, 2022 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to declined customers at a top tier Canadian banking institution (the “Bank”).
8Twelve streamlines the home financing process by providing its partners a one-stop financing solution for all their mortgage needs. 8Twelve’s proprietary technology platform INFIN8 identifies the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products.
“Most banks have a tight credit box and do not currently have alternative solutions for customers they turn down,” said Gary Fooks, Chief Executive Officer of 8Twelve. “This forces their customers to seek mortgage solutions from other competing financial institutions putting the bank-customer relationship at risk as the customers often move many or all of their other banking products to the competitor providing their mortgage solution. 8Twelve helps mitigate this attrition by allowing our partners to maintain their customer relationships while facilitating and accommodating their mortgage needs through our back-end service. We then work with these customers to fix their credit or income deficiencies to upgrade them back to their bank so they qualify for their products.”
8Twelve’s unique service model has earned the distinction of being named Digital Innovator of the year in 2022, and the company boasts a 5 star Google rating in over 450 reviews and counting.
“The tech platform we have built provides full transparency and analytics in a regulatory compliant environment,” said Akber Abbas, President & Chief Information Officer of 8Twelve. “We have access to over 65+ lenders and 7000+ mortgage products empowering us to find the right solution for these turned down borrowers.”
8Twelve industry partners include: lenders with a limited product offering, insurance companies, wealth management, financial planning firms, real estate brokerages, and other financial institutions. Given the volatility and uncertainty caused by rapidly rising rates, 8Twelve partners have the confidence knowing that they are providing their clients the highest chance of success in finding the best mortgage solution using the 8Twelve platform.
About 8Twelve Financial Technologies
8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).
Rick McLaughlin
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