RBC Royal Bank (RBC) is to adopt Canada Mortgage and Housing Corporation's (CMHC) risk and mortgage assessment platform to offer online housing loan approvals in under one minute.
The CMHC technology automates the property valuation process, resulting in an almost instantaneous approval decision for borrowers.
The bank says it will use the platform to evaluate and approve mortgages across the board, whether the customer requires CMHC insurance or not.