Joe Rosengarten, Mortgage Broker News • May 24 2016
When Ben Salami was in the process of buying his first home he quickly grew frustrated. Salami, the CEO of Bendigi Technologies, was disappointed that he couldn’t download a Canadian app that simplified the purchasing process and outlined all of the possible fees. Most people would simply accept the situation and navigate the home buying process in the traditional way, but Salami wouldn’t settle for that. A habitual problem solver, he decided to build an app that would help change the way brokers and consumers manage the property purchasing process. The idea for the Canadian Mortgage App (CMA) was born.
“I wanted to build a single app that encompasses all the possible fees one should expect, and that’s why the app is so comprehensive,” says Salami. “That was the initial inspiration, but the idea kept growing, because I continued to get reviews from brokers and their clients telling me how much the app had helped. That was great to hear.” The app features a calculator that allows users to work out potential mortgage payments, utilities, fees, property taxes, land transfer taxes and possible rebates. “The app also gives users the ability to find brokers and brokerages based on their GPS location,” Salami says.
As well as simplifying the home buying process for Canadian consumers, the app saves valuable time for registered brokers and brokerages. Because clients can access vital information at the tap of a screen, brokers with the app are now less inundated with calls and emails.
A 2015 CMHC survey of 3,510 mortgage consumers found that 78% of consumers who had attained a mortgage within the prior 12 months started their search online. The survey also found that, of the consumers who used the internet for mortgage information, 56% accessed lender websites; 24% visited broker websites; and 15% used both.
The way that millennials expect to do business is changing the entire mortgage industry. The growth in high quality apps is not only simplifying processes for consumers, it’s saving a huge amount of man hours for brokers and brokerages. And we all know what time equals….