Gary Fooks, of 8Twelve Mortgage, on how his company's platform improves business processes
Innovation is in 8Twelve Mortgage’s DNA, leading to recognition in two categories – Brokerage of the Year and Digital Innovation in a Brokerage – at the 2022 Canadian Mortgage Awards. The company’s chief executive, Gary Fooks, explained in this interview how 8Twelve’s cutting-edge product enables brokerages to work more efficiently.
8Twelve created a proprietary cloud platform called INFIN8, which eliminates brokers’ need for multiple technologies applied in business operations.
“When you’re on INFIN8, you do not have to use other platforms to be able to service your business from the beginning, all the way to when you send [a] client that gift once you fund their mortgage,” said Fooks, adding that his company wanted to offer a swift, convenient and real-time process to the mortgage industry.
In a competitive and fast-moving market, 8Twelve provides the tech infrastructure needed by agents to deal with a large volume of accounts and constantly changing rates. Such an innovation is useful at all stages of the mortgage application process, including communication with all the stakeholders, while providing a secure environment for financial transactions.
“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 type of organization,” he said.
Fooks emphasized that the key to success in the business is finding the best rate for clients and also assisting them in a timely and efficient manner, for example, by keeping them updated on relevant information, fees and policy guidelines.
Considering industry innovations, he highlighted “the idea of technology moving more just outside the mortgage application” – an area where 8Twelve is taking a different approach than its competitors.
“We’re really trying to build an intimate financial relationship with our customers because it’s not just about the mortgage. It’s [also about] other products that they’re going to be looking for, whether it’s insurance [or] car loans,” he said. This effort is aligned with 8Twelve’s purpose of supporting its clients in making significant financial decisions.
Another development at 8Twelve is its partnership with a co-equity provider that can help thousands of Canadian customers invest in their first property even amid rising home prices.