Equifax launches mortgage-servicing product bundle
Equifax has released a series of bundled services aimed at helping financial institutions use data and analytics to manage tasks associated with the process of servicing mortgage loans.
The bundle addresses servicer needs when it comes to the marketing and retention of existing customers; portfolio management; dealing with loan modifications; and mitigating default and foreclosure risk.
"In today's Dodd-Frank era, servicers are faced with a host of operational challenges such as identifying risk within their portfolio; marketing and retention of performing assets; and efficiently executing operational policies and procedures in accordance with regulatory and compliance guidelines. We understand that any of these issues can threaten a servicer's ability to sustain a profitable business model. Smarter insights enable smarter action," Jennifer Henry, a vice president for mortgage and housing services at Equifax, said in a press release issued on Feb. 24 at the Mortgage Bankers Association’s national servicing conference in Orlando, Fla.
The company is positioning the product bundle as an alternative to more piecemeal in-house or third-party approaches to managing servicing-related tasks.
Equifax has been engaged in a broader effort to upgrade its data, analytics and applications infrastructure to cloud native technology.
Its net income of $9 million and diluted earnings per share of $0.07 in the fourth quarter of 2019 were down compared to $26 million and $0.21, respectively, during the same quarter in 2018. This stemmed in part from costs related the technology upgrade and its 2017 cybersecurity incident.
But the company's more than $900 million in revenue was up 8%-10% from the same period a year earlier, depending on the currency comparisons used to calculate the relative increase. Equifax’s operations are primarily U.S. based, but a large portion of its revenue comes from international sources.