Equifax Inc. (NYSE: EFX) today announced that it has formed a joint venture with ATM Corp., the nation's leading settlement solutions provider, to launch a national settlement services company.
Equifax Settlement Services LLC will provide a complete set of mortgage settlement offerings, including title, closing and appraisal services.
"The introduction of Equifax Settlement Services enables us to provide a centralized resource to meet the growing settlement needs of our mortgage lending customers," said Dann Adams, group executive, Equifax North America Information Services. "This new venture is an important step in establishing Equifax's comprehensive suite of end-to-end mortgage solutions. The combination of our mortgage industry expertise and ATM's process management experience and proven track record in building national settlement services companies made them a natural choice in forming this new company."
Based in Pittsburgh, PA, this new venture leverages the combined strength of ATM's VISION Systems, a Web-based settlement solution and Equifax's advanced technology solutions and market reach. Equifax Settlement Services will provide the vendor management and settlement services that lenders need to close more loans and streamline the overall mortgage experience. For customers, this joint venture will offer convenient, centralized access to a comprehensive suite of mortgage and settlement solutions, empowering lenders in every stage of the mortgage process.
Customers also will benefit from ATM's extensive network of vendor relationships. These relationships can help lenders save up to 15 days on the closing process, with a cost savings of nearly 30 percent. Equifax Settlement Services will provide a robust portfolio of settlement service offerings by drawing upon ATM's deep expertise in delivering title, closing and appraisal services and Equifax's established market relationships and strong reputation as a leading provider of mortgage solutions.
"Leveraging Equifax's strong relationships with lenders and our technology and settlement service expertise, we can reach more customers with a turnkey solution to transform the mortgage experience," said Francis H. Azur, President and CEO, ATM. "The combination of these strengths will ensure that our lending partners and their customers receive the full value of an efficient settlement process."
Equifax has a long history of providing lenders with the data, analytics and technology solutions they need to compete in today's marketplace. In addition to valuable credit information, Equifax offers a broad range of title, closing and other settlement services.