“Trust is one of those things that is hard to earn and easy to lose, and I think that’s amplified in a space that has so much regulation around it,” he said. “Ultimately, we want to do what’s best for the lender and the clients protecting their data and that sort of thing, and we’ve been gifted this golden opportunity for people to fight through the red tape.
“Let’s not take that for granted… There’s risk at the company level, but I think also risk at the industry level where if we aren’t smart about this, then we could be doing damage across the industry, across all fintechs.”
While it didn’t feature in CMHC’s report, one development that its advocates argue would have a significant positive effect on Canada’s mortgage industry is open banking, which would allow third-party developers to build applications around a…
