Doxim launches joint application development initiative to build mortgage broker channel integrations with multiple participating credit unions
Toronto, ON – September 14, 2022
Doxim® (http://www.doxim.com), the leading customer communications management (CCM) and engagement technology provider serving highly regulated markets, today announced the launch of a joint application development initiative focused on building new solutions to streamline the way lenders interact with the mortgage broker channel.
The participating financial institutions have committed to funding the initiative and collaborating with Doxim on the new feature set, while identifying key areas of new value for their members. Participating credit unions include Prospera Credit Union, Coastal Community Credit Union, Your Neighborhood Credit Union, Kawartha Credit Union, Motor City Community Credit Union, and others.
The initiative will focus on building broker channel integration with Filogix Expert and Expert Pro, the leading mortgage broker channel POS solution systems by Finastra initially, then followed by other broker channel systems. This will enable Doxim’s Loan Origination System (LOS) customers to accept deals from new sources.
“At Doxim, we firmly believe in partnering with the ecosystem and our customers,” said Sean Kennelly, Vice President, Product Management, Payments and CEM. “This new feature set will equip our credit union and financial institution customers with broker channel integrations to streamline their processes, eliminate double-entry and get access to more funded mortgage deals.”
“Over 100 billion in funded mortgages in FY 21 were originated in broker channels through 25000 deals and with 20000+ broker partners,” said Shah Usama Javed, Product Manager, CEM. “Enabling digital broker relationships and creating key value and experience-based differentiation for our customers from these 3rd party sources, as aggregators, will allow CUs to acquire new customers with lending products and replicate the big bank advantage.”
“The conversations and discussions with our customers were crucial in identifying and validating key areas of nascent value in the mortgage broker channel and we are thankful to our customers for the vote of confidence by participating in the funding and piloting of the solution.”
The integration will permit Doxim LOS to function as an aggregator, allowing lenders to receive submissions, send decisions, communicate, and collaborate with the broader broker ecosystem.
Brokers shop around to find their clients the best mortgage and work with a few of financial institutions. Many credit unions cannot participate in this process and develop relationships with high performing brokers – because they do not have a mortgage POS connection into the broker network. In addition, they cannot access, share, and collaborate on documents with third parties in a modern fashion.
Doxim LOS clients will now be able to participate in these broker networks using the Doxim LOS platform integration with Filogix POS – accessing, reviewing lending opportunities, and making funding decisions.
How do Financial Institutions Benefit?
- Easy, turn-key access to the broker channel POS network using Doxim’s LOS
- On-boarding of additional customers and new revenue streams
- Smooth integration of data from broker channel POS submission to Doxim LOS (no manual entry of data for FIs (Financial Institutions))
- Geographic distribution limits (e.g., only receiving deals from the province(s) of choice)
Credit unions seeking ways to broaden their access to broker networks and grow their lending businesses are urged to contact Doxim.
Doxim is the customer communications management and engagement technology leader serving highly regulated markets, including financial services, utilities and healthcare. We provide omnichannel document and payment solutions that transform experiences and strengthen engagement throughout the entire lifecycle.
The Doxim Platform helps clients communicate reliably and effectively, improves cross-sell and upsell opportunities, and drives increased loyalty and wallet share through personalized communications and easy-to-use payment processes. The platform addresses key digitization, operational efficiency, and customer experience challenges through our suite of plug-and-play, integrated, SaaS software and technology solutions. Learn more at www.doxim.com
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.
Learn more at finastra.com