There’s been a number of big mortgage industry announcements in recent weeks, ranging from reverse mortgage offerings to a new broker tech partnership and a key appointment at one of the country’s top brokerages.

Here’s a look at each…

Equitable Raises Allowable Equity Takeout Limit to 55%

For the 9 out of 10 Canadians who want to live independently in their homes as long as they can in their Golden Years, a recent announcement from Equitable Bank could make that easier.

The alternative lender has raised the amount of equity seniors can access from their homes–from 40% previously to 55% now. It now matches the equity take-out permitted by its competitor HomeEquity Bank, although Equitable currently offers lower rates.

“We’re seeing first-hand that Canadians want access to more of their home equity to finance their aging-in-place plans,” Paul von Martels, Vice-President of Reverse Mortgage Lending at Equitable Bank, said. He called the traditional solution of selling one’s home to fund later-in-life needs “an inferior option.”

The company’s new Reverse Mortgage Flex product is only available in Alberta, B.C., Ontario and Quebec.

While not all reverse mortgage clients will necessarily need the additional access to their home equity, others will certainly welcome the announcement.

Equitable notes it “allows for a renewed focus on homeowners’ priorities: like paying off debt, covering everyday expenses, making renovations, and supporting family—all while retaining ownership and use of their home.”

inContact Partners with Newton to Offer New CRM Solution for Brokers

Software company inContact, a subsidiary of Manulife, is joining forces with Newton to develop a new CRM (customer relationship management) solution for more than 2,500 brokers.

Newton was selected to provide a replacement solution to the current Nexa and Client Manager systems. The new solution, called Velocity CRM, will be rolled out on April 1, 2021.

“We are excited that Newton was selected by inContact and Manulife to work with their thousands of mortgage industry subscribers to develop and launch a fresh, updated replacement client communication platform,” said Geoff Willis, President & CEO of Newton.

The new platform will integrate support for submissions, funding, payroll, compliance, social media, SMS and two-way database integration.

“People are rethinking how they can communicate and reach for their clients attention and this requires new thinking and new tech tools,” Willis told CMT. “This is something sorely lacking in our business currently as provided by a national industry focused solution.”

Clinton Wong, Vice President, Mortgage Creditor Insurance at Manulife added, “Supporting brokers with a personalized CRM tool that manages everything from contact databases to social media is important for the thousands of brokers who use Nexa and we’re happy to see that continue with InContact and Newton.”

Mortgage Alliance Names Peter Aceto as New President

M3 Group has announced the appointment of renowned business leader Peter Aceto as the new president of its Mortgage Alliance brokerage.

Aceto boasts 25 years of experience in the financial services sector, including nearly a decade as the CEO of Tangerine Bank. He also played a pivotal role in establishing ING Direct’s North American footprint before he took on the role of CEO of the Canadian division. Prior to that he held the roles of Chief Risk Officer, Chief of Staff and Chief Lending Officer at ING Direct, USA.

Aceto also served as CEO of CannTrust Holdings Inc., a federally licensed cannabis producer. However, he faced some controversy when Health Canada issued a non-compliance order against the company, and was ultimately terminated.

However, M3 Group credited Aceto for his “collaborative mindset (and) broker-first always mantra, Fintech focus and elevated breadth of industry knowledge…”

“Our ambitious recruiting efforts to align the organization’s broader growth goals generated a rich list of top talent, and I’m excited that our diligence has paid off as we have found an outstanding leader to take Mortgage Alliance to the next level,” M3 Group CEO Luc Bernard said in a release.

Mortgage Alliance assists roughly 35,000 clients with their mortgage needs each year.

“Luc Bernard and his team have built an exceptional business enhanced by their impressive triple-digit growth in 4 short years, and I’m looking forward to playing an integral role in continuing that terrific momentum,” Aceto said in a statement.