{"id":23355,"date":"2025-11-28T03:23:43","date_gmt":"2025-11-28T03:23:43","guid":{"rendered":"https:\/\/finderica.com\/?p=23355"},"modified":"2025-11-28T03:23:43","modified_gmt":"2025-11-28T03:23:43","slug":"newton-launches-cra-income-verification-tool-for-brokers","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=23355","title":{"rendered":"Newton launches CRA income verification tool for brokers"},"content":{"rendered":"
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The mortgage industry has waited years for a workable CRA verification solution, and Newton has now delivered one with a new service that retrieves documents in under 48 hours<\/p>\n

\n
\"Kate
Kate Henderson, VP of Broker Experience, Newton Connectivity Systems<\/strong><\/em><\/figcaption><\/figure>\n<\/div>\n

On Monday, Dominion Lending Centres\u2013owned technology provider Newton Connectivity Systems will launch VerifyCRA<\/a> through a designated microsite, with plans to integrate it into the Velocity platform early in the new year. The service will be available to all mortgage brokers, not just those within the DLC network.<\/p>\n

Brokers only need to input the client\u2019s first and last name, social insurance number, email address, phone number and line 15000 from their most recent tax return. If that information is correct, they\u2019ll receive two years of the client\u2019s Notice of Assessments, tax slips, income statements, a statement of account and Canada child benefit information in under 48 hours.<\/p>\n

\u201cChristmas came early,\u201d says Newton\u2019s Vice President of Broker Experience, Kate Henderson. \u201cYou provide that one line 15000, and we can collect all of the documentation from the CRA on your behalf.\u201d<\/p>\n

A quick fix to a longstanding problem<\/strong><\/h2>\n

CRA document verification is often the slowest and most tedious part of the mortgage application process. <\/p>\n

It often requires brokers to ask clients to find, scan and send the right documents manually. If clients do not have those documents readily available, or haven\u2019t already register for an online CRA account, they may need to sign up and wait for a security code to arrive by mail.<\/p>\n

Industry stakeholders, including Mortgage Professionals Canada, have been urging the federal government and the CRA to create a direct verification pathway for lenders and brokers. Budget 2024 acknowledged the need and said the CRA would explore potential options, but little has moved forward since. In July, the CRA released findings from its industry consultation confirming broad support for a secure, real-time digital tool, but no timeline for implementation was provided.<\/p>\n

\u201cWe knew that there was always a bottleneck in the industry in terms of being able to collect CRA documentation,\u201d Henderson says. \u201cThe whole process is really time consuming, and we wanted to eliminate the time that it takes and just make it so much easier for the client themselves.\u201d<\/p>\n

The manual approach that brokers typically need to take is also less secure, as documents are not being provided directly from their source. \u201cThis is really about compliance and anti-fraud, which you have to have your eye on all the time in this industry,\u201d adds Henderson.<\/p>\n

How the authorized representative model works<\/strong><\/strong><\/h2>\n

Others have tried to offer a direct way for brokers to access customer CRA documentation over the years, but none have proven sustainable.<\/p>\n

Such solutions used what the CRA refers to as \u201cEFILE Authorization,\u201d a pathway that was originally created for accounts filing taxes on behalf of their clients.<\/p>\n

Instead, Newton partnered with Fastkey, which accesses customer CRA accounts as an \u201cauthorized representative.\u201d That status allows the company to view and download \u2014\u00a0but not submit or edit \u2014 customer documents directly through the CRA.<\/p>\n

\u201cThey were using a pathway which was never intended for that usage, and eventually the CRA became aware that they had 1,000 representatives on the account but never filed a tax return or did any tax filings,\u201d Fastkey president and co-founder Sam Khajeei told Canadian Mortgage Trends<\/em> in 2024. \u201cThose parties either had their account status blocked or authority to access the CRA revoked.\u201d<\/p>\n

The CRA ultimately ended its EFILE authorization program in July, replacing it with a new \u201cRepresent a Client\u201d portal for tax professionals.<\/p>\n

\u00a0\u201cNow, instead of the client logging in and approving a representative, the authorized representative can obtain access by providing one item \u2013 line 15000 from their Notice of Assessment \u2014 plus client authorization, and retrieve docs on their behalf,\u201d Henderson explains.<\/p>\n

Launched in April of 2024, Fastkey previously charged brokers a fee of $19.99 per application, but soon after began a 90-day pilot with Newton, which initially made the tool available to a select group of brokers for free.<\/p>\n

A year and a half later, VerifyCRA is now available to all brokers for free, with a temporary limit of 50 requests per day across the platform,\u00a0with plans to make it available for unlimited use directly through the Velocity platform.<\/p>\n

\u201cAlthough we\u2019re launching this as a micro-site to begin with \u2014 which means it\u2019s outside of our velocity platform \u2014 the long term-goal is to embed it into the platform itself, so there could be two entry points to the system,\u201d Henderson says. \u201cIt could be that there\u2019s a client who\u2019s filling out the online application, and it will just ask the question, \u2018do you want us to collect this information on your behalf?\u2019 they click \u2018yes,\u2019 and then we\u2019ll send you the authorization form and get it done.\u201d<\/p>\n

Visited 900 times, 900 visit(s) today<\/p>\n

CRA income verification dominion lending centres EFILE Fastkey income verification Kate Henderson Sam Khajeei VerifyCRA<\/p>\n

Last modified: November 27, 2025<\/p>\n<\/p><\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The mortgage industry has waited years for a workable CRA verification solution, and Newton has now delivered one with a new service that retrieves documents in under 48 hours Kate Henderson, VP of Broker Experience, Newton Connectivity Systems On Monday, Dominion Lending Centres\u2013owned technology provider Newton Connectivity Systems will launch VerifyCRA through a designated microsite,<\/p>\n","protected":false},"author":1,"featured_media":23356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[216],"tags":[763,952,331,1081,9012,1083,9013],"class_list":{"0":"post-23355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage","8":"tag-brokers","9":"tag-cra","10":"tag-income","11":"tag-launches","12":"tag-newton","13":"tag-tool","14":"tag-verification"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/23355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23355"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/23355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/23356"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}