Canadian Mortgage Borrowers are Moving Online

Frank Mortgage CEO, Don Scott, talks with Cashflow Canucks about how Frank Mortgage helps the modern mortgage borrower.

On January 25, 2022, DonScott was interviewed by Peter Lount at Cashflow Canucks about Frank Mortgage.


Topics covered include:


What is Frank Mortgage?


Frank Mortgage is an open, transparent, online mortgage marketplace that provides autonomy to the customer. Frank Mortgage allows the customer to control their financing process while at the same time educating and empowering them to decide which mortgage is best for them.


Why hasn’t this been done before?


There are two main reasons: i) banks can only provide digital tools to sell their own products, and ii) brokers are using technology to enhance their traditional process. What Frank Mortgage is doing is creating a platform that will be Canada’s Online Mortgage Marketplace. Providing borrowers with access to multiple lenders and doing so via a virtual experience that reduces the influence of the broker and increases the influence of the user. The entrenched market participants are focused on defending their position in the market while Frank is focused on creating a better experience for customers.

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Are lenders supportive?


Yes. Lenders are keen on new technology that can be effectively deployed to gain access to more customers and to do so more efficiently. Frank Mortgage is uniquely focused on both priorities and has many lenders available on the platform and more on the way.


Financial Literacy


Fintech can deliver educational materials to consumers more efficiently than the traditional market participants. Educational resources, be they written or in video format, can be delivered to the user without any intermediary filtering what the user sees. The propensity of today’s modern consumer to independently go online and search for information marries perfectly with the ability of a fintech to deliver educational material online. It is time for Canadian mortgage borrowers to have open and transparent access to mortgage information at the click of a button.

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How does Frank Mortgage service customers?


Frank Mortgage provides customers with several benefits:



  1. Educational information and tools to help them understand their own financing situation as well as requirements for them to obtain a mortgage;
  2. Convenience via a simple and easy to use app;
  3. Autonomy by granting the customer the ability to control their financing journey;
  4. Support via licensed agents who are available whenever a customer needs assistance;
  5. Transparency via an open, online digital marketplace that shows the customer the variety of mortgage alternatives that may be available to them with no filtering or broker bias;
  6. Empowerment to evaluate their alternatives without sales pressure and to make their own choice;
  7. A virtual start to finish experience that allows them to obtain a mortgage online; and
  8. Frank Mortgage provides great, low interest rate options for all types of borrowers.
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What kinds of lenders does Frank Mortgage have access to?


Frank Mortgage has access to big six banks, mid-sized banks, credit unions and independent monoline lenders. We have lenders that are in the prime, Alt and subprime mortgage spaces and can find solutions for a variety of customer profiles.

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Why did we create Frank Mortgage?


Because the Canadian mortgage market needs to be modernized. The process for obtaining a mortgage in the traditional broker channel is time consuming, confusing, opaque, and not focused on the needs of today’s customer.

Our core commitment to mortgage customers compels us to develop the best-in-class online solutions that meet the needs of the modern, tech savvy borrower. No longer are you required to attend in-person meetings, visit a branch or office, or be exposed to broker bias. Frank Mortgage is for you, the customer. At Frank Mortgage you are in the driver’s seat. At Frank Mortgage you can find your mortgage online from the comfort of your home using an online application that is tailored to your needs.


Conclusion


Canadian mortgage consumers want online solutions to their financing needs. With fintech now arriving in Canada, consumers will soon have access to automated pre-approvals, open marketplaces, and fully virtual processes. Why would the modern, tech-savvy borrower ask for anything less? The old, traditional methods for obtaining a mortgage can’t match a customer friendly, easy to use fintech application like Frank Mortgage – find us at www.frankmortgage.com

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About The Author

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Don Scott

Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.

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