Velocity clients will have continued access to the direct "lender pipes" offered by Filogix
Filogix and Newton-Velocity have announced that they are extending their access contracts from the initial end date of July 11 to the new end date of Oct. 30.
The announcement came in the wake of reports that the expired contracts would terminate by this week any and all access to the Filogix direct “lender pipes” for Velocity customers and their selected lender/s.
“This effective date change had the unexpected potential for considerable frustration for lenders and brokers as they manage all in-progress mortgage transactions,” said Geoff Willis, president and CEO of Filogix.
“I am very pleased to announce that at the request of Newton, Filogix has agreed to a contract extension which will modify the effective date change from July 11 to October 30. This provides us all with the opportunity to complete all in-progress transactions with the longest rate hold period of 120 days considered in the date range.”
Read more: Mortgage and technology – how do they gel?
Velocity clients will find no changes to options or processes in connecting directly with lenders, Willis stated.
“As part of the same extension agreement, 30 alternative lenders that formed part of the Filogix Expert Lender Marketplace will continue to remain in the same position of prominence and stay connected with Newton provided ‘lender pipes’ in Expert,” the executive said.
