Toronto firm creates app to reduce mortgage risk

A Toronto-based company that creates technology for the mortgage industry is teaming up with an underwriter to offer a software-based appraisal and scoring product designed to reduce risk.

Solidifi Inc. said its Insight product will allow lenders to automatically review and score property appraisals against a set of proprietary risk rules, built around appraisal industry standards. The rules also allow lenders to configure certain elements to align with their lending policy, Solidifi said.

Paradigm Quest Inc., which provides mortgage and underwriting outsourcing services to Canadian businesses, will be the product’s first customer.

The Canadian Bar Association recently launched its own effort to speed up the mortgage approval process. It is working with e-commerce firm Emergis on a system called Assyst Real Estate which will electronically link lawyers and lenders.

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