FundMore launches free compliance platform for non-bank lenders

By AI, Created 4:38 PM UTC, May 18, 2026, /AGP/ – FundMore is rolling out Fathom, a freemium underwriting, CRM and compliance platform for private lenders, MICs and alternative mortgage originators in Canada. The launch comes as OSFI flags non-bank financial institutions as a major systemic risk and prepares tougher credit-risk rules.

Why it matters: - OSFI has flagged non-bank financial institutions as the second-highest threat to Canada’s financial system, raising the pressure on private lenders and alternative mortgage originators. - FundMore’s free platform is meant to give smaller lenders bank-grade underwriting, compliance and fraud controls before the regulatory bar rises further. - The launch targets a $401 billion non-bank mortgage market that has grown fast and is facing higher scrutiny from federal and provincial regulators.

What happened: - FundMore announced Fathom, a new freemium product for private lenders, MICs and alternative mortgage originators. - The company said public beta will open in summer 2026. - A waitlist opened May 12, 2026 at the Fathom waitlist. - The announcement came days after OSFI released its 2026–2027 Annual Risk Outlook.

The details: - FundMore says Fathom includes AI-powered underwriting for file Q&A, risk assessment, scenario analysis, compliance checks and pricing. - The platform includes KYC and identity verification through integrated partners to meet FINTRAC obligations. - Document gathering, classification, fraud detection and OCR run on AWS-based enterprise AI infrastructure. - Fathom also includes property valuation, title search and compliance insurance through FundMore’s partner network. - The platform adds customer engagement and marketing automation from initial discussion through signing. - OSFI’s outlook flagged NBFI risk as the second-largest threat to Canada’s financial system, behind only real estate-secured lending. - The regulator warned that the opaque nature of private capital markets can hide structural weaknesses and that highly leveraged exposures could deepen losses in a stress event. - Non-bank residential mortgage debt in Canada has climbed to more than $401 billion, up 19% since 2020. - FSRA says Ontario has 65,233 private mortgages worth $32 billion, with delinquency rates about 11 times higher than the headline bank figure. - More than 50% of Canadian mortgages will renew between January 2026 and the end of 2027, and OSFI expects that wave to push more borrowers into the alternative channel. - OSFI is drafting a Credit Risk Management Guideline, with industry consultation open through July 29, 2026.

Between the lines: - FundMore is trying to make compliance infrastructure available to lenders that have historically relied on spreadsheets, email and fragmented point solutions. - Chris Grimes, FundMore’s CEO, said the company has spent five years building infrastructure for institutions that have processed more than $60 billion in mortgage applications on the platform. - Grimes also said the industry needs documented underwriting rigor, traceable decisioning and proper KYC as the new guideline takes shape. - The launch positions FundMore to benefit if regulators force more formal controls across the non-bank lending market. - FundMore says Fathom runs on the same platform that consolidates legacy underwriting systems, doubles underwriting capacity and delivers 70% efficiency gains at leading Canadian financial institutions. - The platform has held SOC 2 Type 2 certification since 2021, is NIST 800 compliant and is pursuing ISO 42001 AI certification.

What’s next: - FundMore expects the public beta to open in summer 2026. - The OSFI consultation on the Credit Risk Management Guideline closes July 29, 2026. - FundMore is positioning Fathom to be in market before lenders face tighter compliance expectations.

The bottom line: - FundMore is betting that free, bank-grade compliance tools will become a competitive necessity as Canada tightens scrutiny on non-bank lenders.