Finastra, via its Canadian mortgage business Filogix, has acquired Doorr, a provider of cloud-based point-of-sale mortgage application software used by brokers to improve the mortgage experience. The deal is part of Finastra’s strategic investment in its Filogix mortgage marketplace, connecting consumers to brokers, lenders and many supporting partners to enable a secure mortgage application process. It will enhance Filogix capabilities in support of delivering next generation solutions to the Canadian mortgage market and deliver benefits to consumers, brokers and lenders.

Benefits include:

• Consumers: A better customer experience with features such as digital signatures and self-service interaction capabilities, making the process faster and more convenient
• Brokers: A reduction in paperwork with digitized processes, custom workflows and enhanced features such as lead generation and CRM functionality in the cloud
• Lenders: Increased and seamless access to mortgage volumes from new and emerging channels

Siobhan Byron, SVP, Technology Enabled Managed Services (TEMS) at Finastra, said: “Filogix has always been the go-to provider of tools and technology for mortgage originators in Canada. The addition of Doorr will bring cutting edge features backed by the talented individuals that join us from the company. Combined with our deep expertise and leading position in the Canadian brokered mortgage market – together we can improve the borrowing experience for consumers, brokers and lenders.”

Already a Filogix mortgage marketplace partner, where users can benefit from a wide range of value-added services such as credit process automation, the acquisition brings Doorr’s advanced technology capabilities to Filogix, including a state-of-the-art user interface in the cloud – enabling residential mortgage deals to be completed quickly, reliably and securely.

Muhammad Rashid, Co-founder & CEO at Doorr, said: “We’re excited to be joining the Finastra family, extending our trusted partnership. Our values around digitizing the mortgage application process to drive an improved customer experience while harnessing the power of open APIs are well aligned.”

Finastra’s legal counsel for the transaction was Stikeman LLP. Financial details have not been disclosed.