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  • VersaBank (VB) has started beta-testing the company’s new mortgage software app, Direct-Connect.
  • The app is designed to make the financing approval process quicker and easier for home buyers and builders.
  • The beta-testing phase will be completed with the help of the Cortel Group, one of Canada’s largest home and condominium builders.
  • VersaBank’s share price is down 0.27 per cent, with shares trading at $7.38 apiece.

Canadian banking company VersaBank (TSX: VB) will begin beta-testing a newly developed mortgage software app, called Direct-Connect.

The app will be tested with the help of the Cortel Group, one of the largest home and condominium builders in Canada.

The Direct-Connect app is designed to help home buyers and builders, by shortening and simplifying the long, complicated process of getting finance approval.

Sales offices will be provided with a device that has the Direct-Connect app already on it, so home buyers and builders can find out on the spot if they are pre-approved for financing, and if so, for what amount.

This will shorten the time-consuming process of getting approval to finance your new home down to a few easy steps.

According to Cortel Group President and CEO, Mario Cortellucci, “A key driver for future growth is the financial sector’s ability to provide consumer-based services which facilitate financial transactions in a more friendly and accessible manner.”

VersaBank President and CEO, David Taylor, spoke about the possibilities presented by the new app. “[…] Our new Direct-Connect software app will expand this business to include financing houses and condominiums.”

“It will simplify the entire sales and finance approval process for buyers, by significantly reducing the friction between the decision to buy and the time it takes to be approved for financing, while providing a valuable tool to the sales forces of Canada’s residential developers.”

VersaBank’s share price is down 0.27 per cent, with shares trading at $7.38 apiece.

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