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| One of the three major credit reporting agencies is venturing into mortgage closings.
Equifax Inc. recently announced the launch of Equifax Settlement Services LLC, a joint venture with settlement solutions provider ATM Corp. “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, an Equifax group executive, in the announcement. “This new venture is an important step in establishing Equifax’s comprehensive suite of end-to-end mortgage solutions.” The Pittsburgh-based joint venture will reduce the closing process for lenders by 15 days, with a cost savings of nearly 30 percent, according to the announcement. Additionally, “we anticipate job creation will lead to positions for about 50 people in the new company,” Chris Azur, ATM executive vice president and chief operating officer, told MortgageDaily.com in an e-mailed statement. ATM currently employs over 600 full-time employees at its national operations center in Moon Township, Penn., while Equifax employs approximately 4,600 people in 13 countries. ATM’s expertise in delivering title, closing and appraisal services, and Equifax’s established market relationships and reputation as a leading mortgage solutions give way for Equifax Settlement the ability to provide a “robust” portfolio of settlement service offerings and streamline the overall mortgage experience, Equifax said. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
