CIMBL Endorses Expanded REDX

In November 2003 the Canadian Institute of Mortgage Brokers and Lenders publicly endorsed Teranet's Real Estate Data Exchange Public Service (REDX). The REDX Public Service provides subscribers with information about disciplinary, enforcement and certain legal actions taken by regulatory bodies and self-regulatory organizations that oversee professionals in the mortgage, real estate and financial services industries in Canada. This information is used by industry to help manage risk and prevent fraud.

REDX has now been expanded to allow subscribers to share non-public information contributed by REDX subscribers regarding incidents of alleged fraud and material misrepresentation. REDX provides a secure mechanism for industry professionals and organizations to exchange information so that protective measures can be taken to help increase the quality of mortgage loans and to reduce losses.

CIMBL is a strong advocate for fraud prevention and it endorses the addition of the non-public data to the REDX suite of services.