Filogix is one of Canada’s most popular mortgage technology platforms. Recently, Filogix announced a 5-year deal with Axiom to assist brokers in Canada better secure deals.
Filogix, the leading mortgage broker platform, is the primary channel for brokers to reach out to lenders. Axiom’s Scarlett has an excellent reputation in terms of ease of use, service quality and user satisfaction.
Joe Fakhri is the president and CEO at Axiom. He said, “Our success comes from being laser focused and combining the best of the two worlds: the industry’s most reliable connectivity with the proven broker experience.”
Axiom Innovations develops software for financial services, insurance and media industries, as well as technology, construction, real estate and the real estate industry.
Fakhri describes the Scarlett Platform, which has over 8,000 users and agents registered, as a system that is “broker in a box”. He told CMT that it includes everything, from eSignatures to compliance and payroll software, as well as access to lenders. Fakhri said that thanks to the latest agreement Axiom has become Filogix’s default compliance and payroll provider.
He added that the system reduces typical brokerage payroll processes by 75 to 80 percent. He explains that if you run a 200 agent shop you will need between two and three people to handle your compliance and payroll process depending on the complexity. With our system, maybe you only need half a human.”
Axiom has released a statement stating that any firm who uses Filogix Expert, Filogix Expert Pro or Filogix Expert Pro but also wants to use Axiom’s Scarlett Pay can do this. Axiom used to be mainly controlled by the mortgage network. Axiom now can manage brokerage payroll according to owner needs regardless of the brokerage’s affiliation with a mortgage network.
Fahkri claims that the changes will not affect lenders or brokers on the platform. He says that those interested in the platform can reach out to the sales team and they will guide them through the process.
Over the last decade, technology companies such as Filogix or Axiom made great strides to digitize the mortgage process. This was due to the volatile housing market caused by rising interest rates. As Canadian Mortgage Trends has written in an earlier storyMortgage brokers and lenders must consider how to make the mortgage origination process more agile and secure in order to keep up with today’s market.
Fakhri says that the nature of deals between Filogix, Axiom, and the companies makes sense given their nearly 15 year relationship. This puts an end to rumours about Filogix ending its collaboration with Axiom.
He says, “We see ourselves as Filogix’s partners.” We’re not an organization that is reliant on size. “We’re just a company that wants to improve its relationships with its partners.”