Exclusive CMA Referral Program

This page explains the details of our referral program, the process, defines your responsibilities and our responsibilities.

Background

The Canadian Mortgage App (CMA), developed and operated by Bendigi Technologies, is a popular mortgage app that offers innovative tools and up to date information to help people make smarter financial decisions. 

CMA has over 700,000 installations and supports hundreds of thousands of users per year. It has earned over 13,000 positive ratings and has been featured by Apple in “Apps We Love” and featured by Google as one of the top 5 apps for Homebuyers on Google Play. List of media publications here.

CMA PRO, allows industry professionals to create a professional profile, either brand the app and/or create advertisements to promote their service and receive leads.

Vision

Apps are changing the world, enriching people’s lives, and mortgage apps are enabling home buyers to quickly seek mortgage information, search for rates, calculate their expenses, get pre-qualified, apply for mortgages and soon track the progress of their mortgage all from their phone. 

Mortgage Apps are also changing the game for mortgage professionals to enable a much faster and more efficient platform to manage their client’s needs. 

As a result, the Canadian Mortgage App is growing into an exciting and vibrant digital ecosystem for hundreds of thousands of Canadians. 

Whether you are a new broker or part of a large team of experienced brokers, we are excited that you are looking to participate in this new digital ecosystem and extend your services to next-generation and super tech-savvy mortgagers.

Principles

The Canadian Mortgage App’s principles are simple.  We want to provide a mobile platform where homebuyers can “do it themselves”, learn, search and enjoy a stress-free mobile-first experience to get their mortgage approved. 

We understand that mortgages are never like ordering a pizza or a ride and often require professional guidance, solutions and strategies. 

Thus, we want to offer mortgage professionals a great opportunity to participate in this digital ecosystem and successfully service homebuyers with professional advice, comparative lender search and in turn help us help our users achieve the dream of homeownership while saving money.

How it works

Our referral program is very similar to how Uber connects ride seekers with drivers, except we do it way more awesome for people who need financing and professionals who can offer them sound advice in every step of the way.

  1. User downloads the Canadian Mortgage App
  2. The user creates an account, verifies their email and confirms their contact phone number via a verification code. Our contact verification ensures that no fake contact information is provided during the mortgage request.
  3. The user then proceeds to complete a mortgage request within the app. The user is also required to consent to be contacted before the request leaves their device.
  4. The mortgage request is automatically distributed via push notification to a pool of our most trusted mortgage broker partners in the user’s area who each will have equal opportunity to accept the lead and make the initial call. 
  5. The fastest broker wins and once the request is accepted, then a second push message will deliver the full contact information of this user along with more details about the mortgage request.

An uber-like experience for Mortgages

Types of Leads​

General Contact Request​

On the Canadian Mortgage App, we offer a “Speak to a licensed expert” feature to allow home buyers to initiate a contact request at any time during the use of the app.

Pre-Qualified Leads​

After getting pre-qualified on the app, consumers can request to connect with an expert (see image). These leads are either looking to get pre-approved or looking for expert advice to improve their numbers.

Looking to get approved for a rate​

Consumers can make a contact request in connection to an advertised lender rate or make a general request to receive a quote. Most often, these users are further down in the process; either have found an enticing rate on the app or looking for a better deal.

Referral_Program

CMA never submits users’ information to third parties without the user’s consent to be contacted. It is always the user who initiates a contact request and actively makes the choice to submit their information to a licensed expert.

Lead Screening

How often have you heard that online leads are a waste of time and not converting? We suspect that one of the reasons why online leads have failed to create a reputable business model among mortgage professionals is because most lead generation platforms are looking to produce quantity without controlling the quality. They simply ask anyone, often unsuspecting web browsers, to submit their contact information and then market them as hot leads for a premium price. The goal of these sites is quantity, not quality and often leads are sold multiple times over to multiple brokers.

We are taking a different approach and thus have implemented a premium concierge service. Every lead submission is first contacted by our internal staff at the Canadian Mortgage App. The contact information such as email and phone number is automatically confirmed by our app and the user’s name, purpose, availability and intend is verified by our trained staff before we connect them with a participating broker.

Lead Information

Each Lead type as explained above has its own dedicated contact form that allows home buyers to submit different types of information. In all cases, the basic lead information contains:

  • Full name
  • Confirmed Email
  • Confirmed Phone number
  • Preferred Contact time
  • Mortgage Goal
  • Loan Amount (if applicable)
  • Location information (city/province)
  • User Notes (if supplied)
Lead_Information

If the user has been pre-qualified, the lead information contains their pre-qualification report:

  • Gross annual income
  • Down payment
  • Secured and unsecured loan balances
  • Employment type
  • Self-reported credit score or range
  • Rental plans and anticipated rental income
  • Pre-qualified purchase price
  • Pre-qualified loan amount range
  • Insurability

For a rate lead, the additional information may be:

  • Preferred rate and rate type
  • Preferred term
  • Existing rate offering (if applicable)

We guarantee that all data is indeed provided by a user and is delivered to the agent in a timely and accurate manner. We also take great measures to ensure that the user completes all fields and that their email is verified, a verified phone, and the user actually intends to speak to a mortgage professional but since the data is ultimately provided by the users themselves we cannot guarantee the accuracy contained in the information. The data is submitted by the user as is. 

Pricing

We will begin the referral program at a market price of $75 plus applicable taxes per lead. Our referral program requires a monthly participation fee or a PRO subscription to CMA.

1. CMA PRO or a Monthly Participation Fee (Prerequisite)

If you already have a PRO subscription to CMA then you do not need to pay any additional participation fee. If you do not have a PRO account already, you will need to get one. Click on “GO PRO” inside the app and follow the instructions. More details about CMA PRO here: https://www.canadianmortgageapp.com/brokers

2. Cost Per Leads

Each lead costs $75 plus applicable taxes. However, please keep in mind that this price may fluctuate at a later time and will be set dynamically as the system matures. You will be notified of any changes to the cost and will have the opportunity to opt into the new pricing or leave the program at any time.

In order to sign up, we require a valid credit card on file. You will also receive a weekly report (usually Fridays) and an attached invoice for the leads that you have received during that week. Your credit card will be charged for the full amount. 

There are no refunds on any leads submitted to you. We put extensive effort to ensure that we screen the leads prior to distribution and thus there will be no grounds for a refund. If you have any concerns you can always email us at contact@canadianmortgageapp.com and we will look into the issue promptly.

Lead Distribution

Once the lead is successfully screened, we are now ready and confident to connect the user with a broker. 

We also know that the online lead conversion is greatly improved when a consumer and their mortgage broker naturally click. This “click” will allow them to build a trusting relationship that starts on the phone but stands the test of time, the complexity of mortgage rates and brings in quality referrals at a later time. 

Our goal in our referral program is to match our users with the right broker to ensure everyone involved has the best experience. The attributes that enable our system to select a broker include but are not limited to location/time zone, user ratings/reviews, language, specializations, availability and urgency of the prospect.

Please remember, that the Canadian mortgage app is a neutral brand-agnostic mobile app, we do not promote, recommend or endorse any financial institution or professionals. However, when it comes to distributing leads, we are driven by data to ensure we have selected the right broker for the job.

Volume

As we can not 100% control the traffic on our app, we can not guarantee a steady flow of leads or a minimum number of leads/week. Additionally, if you are advertising your rate on CMA, the lead volume highly depends on how favourable your rate is to the user and your location. 

Notification

Once a broker is selected, the lead information is emailed to that specific broker. The broker also receives a push message on their phone with the lead’s contact information, details and next step instruction. The notes will contain information on when to contact the user. 

In cases, where the user is available to speak right away, we may text message you beforehand to ensure that you are able to make the call. 

It’s extremely important that you reach out to the user on the requested time and not later. After all, mortgage brokering requires a bit of sales and if you snooze, you lose, but you don’t just lose the opportunity, you may also lose ratings on our platform which will rank you lower. The adherence and professionalism of a broker are also a reflection of our efforts which will be publicly available via the ratings on the app store. 

Follow up

Our priority is the satisfaction of our users to maintain the reputation of our brand. We expect all participating brokers to follow up with their leads according to industry best practices.

Our internal team will make an effort to follow up with the broker to collect their feedback to improve the service. We will also follow up with the lead after the initial call to hear their perspective on the overall level of service they are receiving. We collect these ratings and reviews in order to further improve the service as well as ensure we are sending the correct leads to the right brokers on the system.How often have you heard that online leads are a waste of time and not converting? We suspect that one of the reasons why online leads have failed to create a reputable business model among mortgage professionals is because most lead generation platforms are looking to produce quantity without controlling the quality. They simply ask anyone, often unsuspecting web browsers, to submit their contact information and then market them as hot leads for a premium price. The goal of these sites is quantity, not quality and often leads are sold multiple times over to multiple brokers.

Rewards

Later in 2020, users will have the ability to rate the service of the broker directly from our app using a standard star rating for specific categories (responsiveness, friendliness, professionalism, expertise). We plan to compensate for great ratings by offering special credits or discounts to brokers on future lead purchases. Details are being worked out and you will be notified before we go live.

Leaving the program

Please keep in mind that due to the nature of our strict screening process, there are a limited number of quality leads that we can supply from the Canadian Mortgage App and thus a limited number of brokers we enroll at any given moment in your area. If you decide to leave the program, your spot must be filled as soon as possible. 

In order to give us sufficient time to backfill your spot and find a suitable new broker, we require at least 1 week of notice. If you happen to go on vacation, we also need to know as soon as possible so we can ensure we have coverage during peak times. Rejoining the program is based on availability.Later in 2020, users will have the ability to rate the service of the broker directly from our app using a standard star rating for specific categories (responsiveness, friendliness, professionalism, expertise). We plan to compensate for great ratings by offering special credits or discounts to brokers on future lead purchases. Details are being worked out and you will be notified before we go live.

How to enroll in our referral program

Please keep in mind that due to the nature of our strict screening process, there are a limited number of quality leads that we can supply from the Canadian Mortgage App and thus a limited number of brokers we enroll at any given moment in your area. If you decide to leave the program, your spot must be filled as soon as possible. 

Step 1

If you haven’t spoken to our team yet (either Ben or Joleen) about our referral program, please book your introductory call. https://calendly.com/bendigi/referral. During our initial call, we will answer your questions and explain the process in detail. We will also send you an agreement via DocuSign.

Step 2

Complete the DocuSign agreement

Step 3

After the agreement is executed, please book your onboarding video call using this calendar URL. https://calendly.com/bendigi/cmapro. During our onboarding call, we will verify your license status, configure your account and set a start date.