Equifax Inc.’s (NYSE:EFX) 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.”
Our Take
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 (NYSE: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 (NYSE:TRU) and Experian (OTC:EXPGY) .
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.
TransUnion (TRU): Free Stock Analysis Report
Equifax, Inc. (EFX): Free Stock Analysis Report
Fair Isaac Corporation (FICO): Free Stock Analysis Report
Experian PLC (EXPGY): Free Stock Analysis Report
Original post
Zacks Investment Research