Celebrating our 2000th User!

Velocity is Rocketing Away!
Celebrating our 2000th User

 Increasing Your Sales | Reducing Your Costs | Improving Your Clients Experience

TAKE MY BUSINESS TO THE NEXT LEVEL



 

Learn Why Velocity is a Powerful Solution For Your Business

TransUnion Is Now Live
Users now have a choice!

Save up to 35% on the cost of your credit bureaus.

Contact us now to get set up
velocity.support@newton.ca 

From the Newton Family to Yours
Happy Thanksgiving!



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From Battle to Bracelets – Powered by TransUnion & Newton

FROM BATTLE TO BRACELETS

We are announcing the start of our new relationship with TransUnion! Velocity users now have a choice of credit reports!

“An object in motion tends to remain in motion along a straight line unless acted upon by an outside force”. We’re that force!
We are disrupting the status quo, in partnership with TransUnion supporting a charity the industry has embraced with the 22 push ups for 22 days challenge.
We encourage all DLC National Conference attendees to proudly wear your Brass & Unity bracelet, to show your support of PTSD awareness.

 

Inspired by impossible situations. Created to enrich the lives of Veterans. Worn to show love and support.

– BRASS & UNITY –

Read More About Brass & Unity

TransUnion is now Live!

Save up to 35% on the cost of your credit bureaus.

 

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Big News! Velocity Updates!

Your Velocity, Your Way!

We have updated your system overnight with the following exciting upgrades!

Compliance Documents

New to Velocity are the following documents for provincial compliance:

  • BC Form 9 – Lender Disclosure Statement
  • Ontario Disclosure to Borrow – Line Of Credit
  • Ontario Investor Lender Disclosure Renewal Waiver of Waiting Period
  • A new Generic Client Consent form is now available
  • Validation has been added to help brokers generate the BC Form 10 Compliance document.

 

Compliance Documents Now Available

BC Prescribed Form 10
BC Form 10 – Pre July 2017
BC Fixed and Open Disclosures
BC Lender Conflict of Interest
BC Lender Disclosure
BC Rate Disclosure
ON Fixed and Line of Credit Disclosures
ON Investor/Lender Disclosure Renewal
Generic Client Consent for Credit

 

Training

Visit our Training Page to see video walk-throughs on how to automatically generate your compliance documents!

 

User Experience

A new loading/saving progress bar at top of Velocity pages will show when pages are loading.

The default view of the application is set to Classic view, but is now changeable directly the application page in the top right corner.

The APR Calculation has been adjusted.

Numerous User Interface and User Experience updates!

 

 

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D+H Monopoly: Officially Over

It’s been a long time coming but D+H finally has real competition for Expert, the system that over 90% of brokers use to send applications to lenders.

DLC Group, a subsidiary of Founders Advantage Capital Corp., has purchased D+H’s competitor, Marlborough Stirling Canada Limited (MSC), for $5.5 million. MSC produces MorWeb software, a web-based order-entry platform for mortgage brokers.

DLC is purchasing 70% of MSC and another group, led by Geoff Willis, is buying the other 30%. Willis currently runs OTTO Mortgage Systems, which also makes software that automates the mortgage origination process.

Willis will become CEO of MSC and current CEO Chris Pornaras will become President. We suspect that Otto, or at least much of its best functionality, will be merged with MorWeb sometime next year.

DLC “anticipates it can increase MSC’s market share by having more DLC mortgage brokers use the MSC platform,” says the company’s press release. That shouldn’t be too hard, given DLC’s 5,000 agents comprise 40% of the mortgage broker market and fund $33 billion a year. By this author’s back-of- the-napkin math, if DLC gets even half of those brokers using MorWeb it could pay for the purchase in 24 months or less.

Albeit, while DLC Group has ample volume to make MorWeb viable, it will take time to shift a critical mass of agents from Expert to MorWeb. “Changing peoples’ habits is dependent on user experience,” says DLC President Gary Mauris. “Users want better access to their data, integration to the CRM of their choice and a slick mobile platform, so we’re working on all of that.”

Regardless of this deal, however, Mauris says “MSC and D+H will both remain key partners for DLC.

Speaking to CMT about his MSC growth plans, Mauris said, “We’re reviewing options and potential opportunities for partnership with other networks. We’re also looking for ways to more economically serve our lender partners.”

Regarding 3 rd -party brokerage partnerships, some will question whether brokerages would ever use software run by a competitor. Clearly, however, DLC would be crazy to misappropriate its customer’s data—so those criticisms probably aren’t valid.

“We’ve never held broker data hostage and marketed to past agents’ clients,” says Mauris. “A broker’s client data is their data.”

The other consideration will be getting all lenders connected to MorWeb. TD and a few smaller lenders are conspicuously absent. Without TD, many brokers simply won’t use the platform. That should be a top 2017 priority for Mauris, Willis & co. as they invest in their new platform.

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