Filogix, one of the mortgage industry’s leading technology platforms, announced a five-year-deal with Axiom Innovations recently to help brokers across Canada secure deals more efficiently.
Filogix is known as the industry’s primary conduit for mortgage brokers looking to secure deals with lenders, while Axiom’s Scarlett platform has a reputation for its ease-of-use, quality of service and overall user satisfaction, according to a statement released by both companies.
“Our success is due to being laser-focused and able to combine the best of both worlds with the industry’s most dependable connectivity and the most proven broker and client experience,” said Joe Fakhri, president and CEO of Axiom Innovations.
Axiom Innovations builds software for the financial services, insurance, media, real estate, technology and construction industries.
Its Scarlett platform, with over 8,000 registered users and agents, offers what Fakhri calls a “broker-in-a-box” system. It includes everything from eSignature features to compliance and payroll systems, and access to lenders, he told CMT. Thanks to this latest agreement, Fakhri says Axiom is also now the only default provider of compliance and payroll services for Filogix.
The result is a system that reduces the typical brokerage payroll process by 75% to 80%, he added. “If you have a 200-agent shop, you’re probably going to need two to three individuals to manage your payroll and compliance process, depending on how complicated it is,” he explains. “With our system, you need maybe half a person.”
According to the statement, any brokerage firm using Filogix Expert or Filogix Expert Pro and wants to also use Axiom’s Scarlett Pay system can now do so. In the past, Axiom’s access to firm data was primarily controlled by its mortgage network. Now, Axiom can handle brokerage payroll needs according to the owner’s needs, regardless of whether a brokerage is part of a larger mortgage network.
The changes won’t impact lenders on the platform, Fahkri says, and brokers already on the platform won’t have any difficulties. “For the folks interested in onboarding,” he says, “they’ll just have to reach out to our sales team, and we’ll take them through the onboarding process.”
Technology companies like Filogix and Axiom have made significant strides in digitizing the mortgage process over the past decade, as rising interest rates and economic insecurity have led to a more turbulent housing market. As Canadian Mortgage Trends wrote in a previous story, mortgage brokers and lenders need to consider ways to make mortgage origination more efficient, agile, and digitally secure to adapt to today’s industry.
The nature of the deals between Filogix and Axiom makes sense, Fakhri says, given the nearly 15-year relationship the two companies have, and puts to bed rumours that Filogix was set to end its work with the company.
“We truly see ourselves as partners with Filogix,” he says. “We’re not a company that takes size. We’re just an organization that wants to strengthen its relationship with all its partners.”
