Equifax Inc.’s subsidiary Equifax Canada Co. has partnered with M3 Group for optimization of the mortgage credit decision-making process in Canada.
As part of the collaboration, Equifax’s Verification Exchange database will be integrated within M3’s MortgageBOSS platform to automate the process of employment and income verification and make it paperless.
In a recent joint statement, the duo said that the partnership aims at accelerating “speed to yes” for mortgage brokers and consumers. Workforce Solutions’ general manager in Canada said, “Our partnership with a technology innovator and industry leader like M3 will help transform the process into a more streamlined and secure verification benefitting buyers, brokers and lenders alike.”
The move seems to be part of Equifax’s efforts to ramp up its mortgage solutions business that has not been doing well over the past two quarters. Revenues declined 22% year over year in the first six months of 2019. The move should also help the company better compete with the likes of FICO. Notably, the company’s mortgage solutions offering includes specialized credit reports that combine information from Equifax and other two major consumer credit reporting agencies, TransUnion and Experian.
About the M3 Mortgage Group
The M3 Mortgage Group is the #1 non-bank mortgage originator and undisputed leader in mortgage brokerage across Canada. With more than 6,000 brokers and $44 billion in annual loan volumes, the technology driven, consumer obsessed group and its subsidiaries, Multi-Prêts Mortgages, Mortgage Alliance, Invis, Mortgage Intelligence and Verico have a single goal: be the best consumer ally when it comes to home financing for the many families it serves every year across the country.