Equifax Inc.’s (EFX - Free Report) 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 joint statement on Monday, 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 Fair Isaac (FICO - Free Report) .
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 (TRU - Free Report) and Experian (EXPGY - Free Report) .
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