For the first time in forever, D+H has a major threat to its mortgage software dominance.
Newton Connectivity Systems—the old Marlborough Stirling Canada, and a Dominion Lending Group company—is launching “Velocity.”
Velocity is a cloud-based desktop for mortgage brokers. In a nutshell, it lets brokers send applications to lenders, pull credit reports, store client documents securely, email conditions updates to applicants, route documents to lenders and send automated marketing emails and newsletters.
The platform launches March 1 and basic connectivity and deal submission is free to all brokers. A CRM add-on will sell later for $50 a month. The new front-end is built partly on Otto, technology that CEO Geoff Willis’s old firm brought to Newton.
The biggest pain about the software’s predecessor (MorWeb) was that it didn’t connect to all lenders. But DLC President Gary Mauris says that prior holdouts (e.g., TD, Home Trust & CMLS) “are all fast tracking integration” and should be on the system in a matter of months—in some cases, year-end at the latest.
The other criticism, mainly from non-DLC Group brokers, is that they don’t trust DLC to not spy on their client data. We asked Willis about this point blank. He offered this assurance:
“The goal with Newton is to have it stand as its own company and we want to service the entire mortgage industry—not just DLC or a handful of other networks. It would be short sighted and morally—and perhaps legally—wrong for us to pass along identifying information to DLC or any other organization.
We are here to build long-lasting relationships with brokerages and lenders. So let me plainly say, Newton WILL NOT look at a user’s client information or use it in any way without the consent of that user.
The safe collection, transmission and permitted use of data is the key to effectively operating Newton, we take that obligation very seriously. In our terms of service found right on the Newton website now, there are restrictions with how we share client data both internally and externally. If a broker or brokerage is a Velocity user or a user of another third-party point-of-sale system, we will be making provisions in the future to remove that client data post completion, as you will have it in your database and our role of providing the connection bridge has been completed.”
“It is our intention to migrate all $38 billion [of DLC Group origination] over to Newton within the next 30 months,” says Mauris. (If that’s not a shot across D+H’s bow, we don’t know what is.)
D+H, not to be outdone, and probably not coincidentally, emailed this to the broker industry today:
“…D+H has made a strategic decision to strengthen its commitment to the mortgage business in Canada, which you’ll be hearing more about in the coming months. This commitment will be particularly relevant to individual mortgage broker professionals, especially as the digital transformation takes hold in our industry.”
The company goes on to say: “The lending experience of 2020, just 3 years on, will look drastically different than we know it today…”
Sidebar: Coming Newton enhancements include: calendar syncing, production statistics, reporting based on virtually any client data, automated rate sheets for Realtors and email click-tracking. In 2018, Newton plans to add automated NOA and bank statement retrieval (to verify income and down payment funds), Teranet Purview integration, a client portal for doc uploads, e-signatures and payroll.