8Twelve Enters into Mortgage Solution Agreement with Your Home Sold Guaranteed Realty
8Twelve Enters into Mortgage Solution Agreement with Your Home Sold Guaranteed Realty
TORONTO, Jan. 30, 2023 (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 Your Home Sold Guaranteed Realty (“YHSGR”), its agents and their clients.
8Twelve’s proprietary INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products.
“At Your Home Sold Guaranteed Realty, we invest in our agents more than any brokerage you will find,” said Todd Walters, CEO and Co-Founder. “Partnering with 8Twelve fits our model perfectly because we consistently equip our agents with differentiating tools that help them to build their business and dominate in the industry. This partnership ensures that YHSRG realtors have the best tool to secure financing for their deals.”
YHSGR is the only real estate brokerage in North America to be licensed by the US and Canada’s #1 real estate Coach Craig Proctor. The distinction brings with it exclusive access to Craig Proctor’s proprietary business teachings and systems for YHSGR agents; systems that have been proven to create more millionaire agents than any other real estate trainer or coach.
“With rising interest rates and tighter lending requirements, Canadians now more than ever need to know all their home financing options,” said Akber Abbas, President & Chief Information Officer of 8Twelve. “This agreement highlights the strength of our service offering in enabling large scale enterprises to deliver the best financing solutions to their clients.”
8Twelve is seeing increased interest and user success in its offering as companies are exploring more ways to help their clients. 8Twelve’s secure, smart technology is able to provide fast turnarounds and exceptional service levels to homebuyers as it strives to provide a mortgage solution for every borrower situation.
About Your Home Sold Guaranteed Realty
Your Home Sold Guaranteed Realty was founded with this vision: To Be the Best Place to Work, Buy, and Sell Real Estate! We are proud to be one of the fastest-growing real estate companies nationwide. If you’re looking to buy or sell a home, Your Home Sold Guaranteed Realty is there for you every step of the way. You can count on knowledgeable agents with PERFORMANCE GUARANTEES that are ready to handle every situation, giving you the peace of mind that you made the perfect choice in a Real Estate Agent and Company!
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8Twelve Enters into Mortgage Solution Agreement with Dwello
8Twelve Enters into Mortgage Solution Agreement with Dwello
TORONTO, Jan. 18, 2023 – 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to Dwello.
Dwello is on a mission of helping all Canadians get equitable access to credit. Renters can sign up for free to pay rent through Dwello’s payment platform. Their rent payments get reported to Equifax Inc. (EFX:NYSE), one of the major credit bureaus serving Canada. Over time, the on-time payments help build credit scores, thus unlocking favorable offers on credit products like loans, mortgages and credit cards.
This partnership will help Dwello renters eventually become owners. By integrating into 8Twelve’s proprietary INFIN8 platform, Dwello customers will be notified when they qualify for a mortgage from 8Twelve. INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products. 8Twelve also has access to other products such as Co-Equity down payment programs to further facilitate home ownership.
“Rent reporting to the bureau has demonstrated success in assisting renters in improving and establishing their credit profiles. This has led to increased access to preferred lending products and favorable rates, as well as a broader range of rental properties. This initiative has benefited hard working Canadians who may have otherwise been disadvantaged in the system due to low credit scores or non-existent credit profiles” said Roy Moufawad, CEO of Dwello Ltd. “Dwello’s rent reporting system is beneficial for both renters in Canada and financial institutions by giving them visibility into the rental market. Additionally, landlords have found that using this platform to collect rent not only simplifies the process but also helps retain tenants.”
“Innovation is moving at a very rapid pace in the real estate and mortgage industries. Until very recently, solutions such as these did not exist for renters and home buyers. People were left to their own devices to figure out how to migrate themselves from being a renter to being a homeowner.” said Jason Baibokas, CFO of 8Twelve. “The convergence of finance and technology has finally reached a point where an increasing number of tools are available to plan for and achieve home ownership. At 8Twelve we strive to integrate the best and most intelligent solutions in our mission to streamline the home financing process.”
About Dwello
Dwello is a payment technology platform that helps Canadian renters build their credit scores just by paying rent. Rent payments paid through Dwello get reported to Equifax to help renters establish a stronger credit history while helping property owners get paid on time. Learn more at dwello.com and follow us on Facebook @dwellopayments and on Twitter @dwellopayments.
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Strategic Mortgage Alliance With RE/MAX Hallmark
Strategic Mortgage Alliance With RE/MAX Hallmark
TORONTO, Jan. 10, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into a strategic alliance with the RE/MAX Hallmark Group of Companies (“RE/MAX Hallmark”), to provide mortgage financing solutions to its real estate clients.
RE/MAX Hallmark is the number one Real Estate brokerage within the RE/MAX network and completed over 29,000 real estate transactions last year, totalling over $19.4 billion dollars. 8Twelve streamlines the home financing process by providing their 1,800+ REALTORS® (and their clients) a one-stop tailored financing solution for all their mortgage needs. 8Twelve’s proprietary technology platform INFIN8 identifies the best possible mortgage solutions from Canada’s largest marketplace of bank, alternative, and private mortgage products.
Having the technology to connect, converse, and assess the financing needs of clients quickly and thoroughly is one of the pillars of success for 8Twelve. The Company’s secure, smart technology is able to provide fast turnarounds and exceptional service levels to homebuyers as it strives to provide a mortgage solution for every borrower situation.
“This agreement highlights the strength of our proprietary technology in delivering financing solutions to the customers of any large-scale enterprise,” said Akber Abbas, President & Chief Information Officer of 8Twelve. “With rising interest rates and tighter lending requirements, Canadians now more than ever need to know all their home financing options.”
8Twelve CEO, Gary Fooks, commented: “Both 8Twelve and RE/MAX Hallmark Group of Companies have long-established relationships within their networks respectively, and matching clients with the best mortgage solution products provided by over 65+ lenders, 7000+ products makes this partnership the unmistakable choice for all mortgage and real estate services.”
This partnership cements both companies’ goals to provide an enhanced customer experience while helping more Canadians reach their financial dream of homeownership.
About RE/MAX Hallmark
Founded in 1980, RE/MAX Hallmark is an innovative full-service residential real estate brokerage that leverages the latest technology to serve clients in emerging, established, and luxury neighborhoods in Ontario, Canada. Through our enduring efforts, we have fostered a strong brand to become the number one Real Estate brokerage within RE/MAX network in the world.
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).
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8Twelve Enters into Mortgage Solution Agreement with Top-Tier Canadian Banking Institution
8Twelve Enters into Mortgage Solution Agreement with Top-Tier Canadian Banking Institution
TORONTO – 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into 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.
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).
Read the Press Release Here: https://www.globenewswire.com/news-release/2022/12/12/2571840/0/en/8Twelve-Enters-into-Mortgage-Solution-Agreement-with-Top-Tier-Canadian-Banking-Institution.html
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Lower home prices, no recession, major inflation relief: Predictions for Canada in 2023
Lower home prices, no recession, major inflation relief: Predictions for Canada in 2023
Inflation will fall swiftly next year and Canada will narrowly avoid a recession, Goldman Sachs says in a new – and overall quite upbeat – outlook for the country in 2023.
The outlook, contained in a report authored by senior economist Daan Struyven and managing director Sid Bhushan, also predicts further pressure on housing – but with prices ultimately stabilizing to above levels prior to the pandemic. Part of the reason is that the U.S. banking giant believes the Bank of Canada is nearing the end of its interest rate hiking cycle, though not before a further 75 basis points in interest rate hikes by early next year.
Goldman sees Canadian housing prices ultimately falling 18 per cent from their peak in February. They’ve already fallen 10 per cent, based on MLS Home Price Index data up until October. That means if the bank’s views turn out to be correct, prices will be subject to a further drop of eight percentage points before flatlining and possibly rising once again.
- “Inflation appears to be making genuine progress, and the housing market – the largest vulnerability – is making a controlled descent. We expect the BoC to achieve a soft (enough) landing in 2023.”
- “We expect below-trend +0.7% Q4/Q4 growth in 2023 and think Canada will narrowly avoid a recession because growth momentum is stronger than it appeared a few months ago, the negative impulses from financial conditions and real income growth have likely bottomed, excess savings can cushion negative housing wealth effects, and structural demand should support residential investment. If there is a recession, it would most likely be mild.”
- “We are also confident that recent improvements in inflation will be sustained and forecast 2.8% year-over-year headline inflation in December 2023. We expect falling house prices to weigh on shelter inflation and for sequential core goods inflation to remain soft. In fact, we expect sequential ex. food, energy, and mortgage interest cost inflation to be below 2% by next summer. Further, we think that both wage-sensitive services and goods inflation would need to materially surprise for sequential core inflation to be above 3% at this point.”
- “As a result, we believe the BoC will stop hiking soon. We expect another 50bp hike in December as growth is holding up, BoC-preferred core inflation measures edged up in October, and the BoC likely wants to see more labor market rebalancing. We expect a final 25bp hike in January for a 4½% terminal rate but see a high risk that the cycle ends in December even if the BoC hikes 50bp then.”
- “We do not expect any BoC cuts next year. Even in a resilient growth environment, the market may continue to price cuts as underlying sequential inflation pressures weaken. We think the BoC will look through this as growth should be picking up and some negative inflation impulses should be fading at this point, but the risk of a cut is higher than in other G10 economies.”
- “The main risk to our soft landing forecast is a more severe housing downturn. However, we are not too worried about this risk yet because sequential house price declines are getting smaller, strong demand from high population growth should absorb new constructions, and the risk of mortgage delinquencies is low. We now expect an 18% peak-to-trough decline in house prices because downward momentum remains strong, mortgage rates have risen sharply and valuations remain stretched, and because the large number of houses under construction should boost supply next year. That said, the level of house prices should remain above its pre-pandemic trend at the end of next year because of high inflation, elevated nominal wage growth, and because housing supply will still not be loose by historical standards even after accounting for the better supply outlook.”
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Understanding Modern Mortgage Options
Understanding Modern Mortgage Options
Why the “Bank of Mom & Dad” should only be a last resort
Amid high housing prices and increasing interest rates, home ownership is a growing challenge, especially for first-time buyers. But it’s not just the price tag that creates barriers. Buyers must also contend with:- Stricter government real estate qualifications for bank loans
- The mortgage industry’s outdated, paper-based processes
- A general lack of education around viable financing options
Homebuyer issue #1: real estate qualifications
Assuming a buyer can save up enough to afford a down payment, securing a mortgage from a traditional institution like a bank often comes with the dreaded “stress test.” 8Twelve CEO Gary Fooks explains: “This is where the government wants to know that although you qualify for the mortgage today, will you actually be able to service that mortgage several years down the road when rates eventually go up?” In recent years, the intensity of the stress test has increased. This forces buyers to either find more money for a down payment, or seek out a co-signer to satisfy the bank. Many people turn to the ‘Bank of Mom and Dad’ for help—but this is not an option for many.Homebuyer issue #2: an outdated industry
The mortgage industry has not kept up with the pace of technology. Perhaps there has not been enough pressure to do so. “The way mortgages are done historically you’re using manila folders and Excel sheets,” says 8Twelve CFO Jason Baibokas. “It’s a lot of paper meeting people in person, lawyer’s offices, it’s a very clunky, inefficient experience.” This inefficiency can be wasteful, frustrating, and expensive for homebuyers. The added stress and unpleasantness does not inspire one to fully engage with the process (one which should be fun and exciting, especially for first time buyers!) Failing to engage with process means people can miss out on options, leading us to the third issue.Homebuyer issue #3: a lack of buyer education
“Traditionally, clients have always been used to walking into their banks for their mortgage needs because that’s all they knew,” says Zeynep Babir, Director of Business Development at 8Twelve. “However, there are a lot more non-bank lenders out there that are available and that have more competitive products, for clients that offer better flexibilities, better penalty structures, better solutions overall.” The world of finance, including mortgages, has never been entirely accessible. There is complex math, endless jargon, and reams of forms and paperwork. Many people simply default to the ‘known,’ as Zeynep explains. Better insight into all options, including a thorough assessment of risk, would result in more homebuyers being able to afford what they want.The 8Twelve solution: digitized and accessible lending alternatives
Even though the industry at large has not felt the need to digitize, 8Twelve strongly believes that there is a massive opportunity in delivering a superior, education-driven experience. “We’ve digitized [the mortgage process] with our proprietary software called INFIN8,” says 8Twelve President & CIO Akber Abbas. “It is a brokerage management platform that takes the entire transaction from lead to flower delivery at the end of the close for transaction.” With the entire lending process wrapped in an end-to-end digital experience, 8Twelve can hit all three issues:- Options outside of banks are made more accessible and comparable, especially through AI-matching for buyers and solutions.
- Paper-based processes are all but eliminated, and information can be accessed, compared, and transmitted much faster
- Buyer education and customer experience can be a deeper focus, thanks to the accessibility of abundance of information presented by a digital platform
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What Brokers Should Prioritize Amid Rising Rates
What Brokers Should Prioritize Amid Rising Rates
The Bank of Canada’s latest interest rate hike, a surprise one-percentage-point jump, means it’s more important than ever for mortgage professionals to focus on affordability, stability, and property use when advising potential homeowners, according to a prominent mortgage executive.
Gary Fooks (pictured top), CEO and broker at 8Twelve Mortgage Corporation, told Canadian Mortgage Professional that the choice between variable- and fixed-rate mortgages was especially significant in the current climate, particularly with further rate increases a seeming certainty down the line.
“Although Canadian families may qualify to debt service their mortgage today, would additional rate hikes cause them financial hardship in making those mortgage payments in the future?” he said.
“If brokers’ clients are going to bed worried about potential additional rate hikes, they should strongly consider a fixed-rate mortgage from the start, even though it may be 2% higher than a variable rate.”
On an average mortgage size of approximately $400,000 across Canada on a 25-year amortization, a 1% hike to the variable rate would lead to an increase of $220, or just under 10%, on monthly mortgage payments.
That means Canadians on a variable-rate mortgage often consider switching to a fixed rate to avoid further rate increases – although for new buyers, the decision should also be based on what the property in question will actually be used for, according to Fooks.
“For clients purchasing rental properties, or properties as short-term investments, they may consider variable-rate mortgages are their primary solution to avoid larger penalties in the event of a sale within their specified term that is normally associated with fixed-rate mortgages,” he said.
The effect of the central bank’s policy rate increases on the housing market had already been clear well before its latest announcement, with sales posting a marked drop-off compared with 2021 and house prices also beginning to waver. That was perhaps to be expected, Fooks said, although he added that another big factor could weigh against a possible contraction in the market.
“Any substantial rate hike will typically have an immediate cooling effect on the overall sales in the market leading to a downturn,” he said. “That being said, it’s important to note that we have a major housing shortage in Canada, so it remains to be seen how these two leading indicators will balance each other out.” While some buyers may be given pause for thought by those climbing rates, they should also keep in mind that there’s never a perfect time to enter the market, Fooks said – and that opportunities remain in the current climate.
“You cannot time the market,” he said. “If your goal is to be a homeowner and you can afford to carry a mortgage, you should consider jumping into the market now with prices currently at 20-25% of the market highs.”
An eventful year
Amidst those market shifts, 8Twelve has witnessed continued growth throughout the year to date and was also named an Excellence Awardee in two categories – Brokerage of the Year (25 Employees or More) and Digital Innovation in a Brokerage – at the recent Canadian Mortgage Awards.
Central to that progress, Fooks said, has been a strong focus on infrastructure and technology, both of which have become indispensable to the daily work of mortgage professionals during the market boom of recent years.
“Mortgages has become a volume game, and to do volume, you need the right technology to be able to handle that volume efficiently,” he said. “The idea is that from the second you get that customer interaction, to processing the file, requesting documents, doing everything through a secure environment, providing updates through emails, text messaging to all stakeholders in the application… you want to be able to do that very quickly and very efficiently so that clients feel like they’re getting that same type of service that they would get with any other five-star sort of organization.”
Not having technology that amalgamates those factors into one means it’ll take longer for brokers to do their job, Fooks added – a key consideration in 8Twelve’s goal of helping brokers avoid having to use multiple technology stacks and channels to service a client.
That’s part of the ever-evolving role of the mortgage broker, he said, with providing the lowest rate far from the only aspect of the mortgage journey to consider when dealing with clients.
“Finding the best rate is one aspect of the process,” he explained. “Making sure you’re servicing the client efficiently and effectively in a timely manner – that’s a whole another aspect. You have to do both: make sure you have all the up-to-date information, whether rates, policy, guidelines from all the lenders, but also make sure your customer’s included in that process in real-time.
“When you do that together, it’s a formula for success. At least that’s what we’ve found at 8Twelve.”
Source: CMP
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8Twelve Financial Technologies Welcomes Martha Durdin to its Board
8Twelve Financial Technologies Welcomes Martha Durdin to its Board
TORONTO, July 12, 2022 – 8Twelve Financial Technologies (‘8Twelve’ or ‘the Company’), a disruptive fintech that provides Canadian borrowers with the largest selection of home financing options in one convenient marketplace, today announced that Martha Durdin has joined its Board of Directors.
Ms. Durdin is the former President and CEO of the Canadian Credit Union Association (CCUA), having served in that role for the last eight years. She also represented CCUA on the board of The World Council of Credit Unions (WOCCU).
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8Twelve Financial Technologies Welcomes David Sharma to its Board
8Twelve Financial Technologies Welcomes David Sharma to its Board
TORONTO, June 14, 2022 – 8Twelve Financial Technologies (‘8Twelve’ or ‘the Company’), a disruptive fintech providing home buyers’ with Canada’s largest selection of mortgages in one convenient marketplace, today announced that David Sharma has joined its Board of Directors.
Mr. Sharma is a recognized global telecommunications leader with over 20 years of senior executive and board experience. He has overseen and supported billions in P&L through his former leadership at TELUS (TSX:T, NYSE:TU) and was a founding board member of TELUS International (TSX:TIXT, NYSE:TIXT).
