Fliogix Expert is the software platform the majority of mortgage brokers in Canada use to send their applications to lenders in Canada for processing. In the last three months, more than 14,000 different mortgage brokers and 77 lenders used Filogix Expert to submit their mortgage applications in Canada.
Though Filogix Expert dominates the mortgage application platform industry, there are two competitors at this company’s heal: MorWeb and Axcess Canada. It is difficult for smaller companies to break into the platform technology industry. Amassing a wider margin of market share among Canadian mortgage brokers involves convincing both lenders and mortgage brokers that their platform is worth the training time, the implementing efforts and the introduction to clientele. Breaking into the mortgage application platform industry involves a large amount of financial and technological resources.
Despite Filogix Expert’s dominant lead among Canadian mortgage brokerages, the company maintains that it endeavours to enhance its services and provide increased benefits to its users.
“We never underestimate the competition,” says Steve Malone, Vice President of Broker Services at Davis + Henderson, the technology company that took on Filogix Expert four years ago. “We are more motivated now than ever to strengthen our product offering to clients.”
Filogix Expert maintains efforts to ensure that the majority of potential clients, or financial service providers, in Canada are using their platform. It is much less complicated if both the lender and mortgage broker are using the same, compatible platform on which to submit mortgage applications.
Malone says that Davis + Henderson now have a department dedicated to fixing any glitches that arise during use of Filogix Expert technology.
Davis + Henderson have been in operations since 1875, and last month were awarded the 64th spot in the FinTech 100, an international listing of the top financial technology vendors named by the American Banker, Bank Technology News and IDC Financial Insights annually.
Malone says that Davis + Henderson would like to see more Davis + Henderson branding in the platform software industry, better representing the “integrated solutions provider with a much broader range of capabilities” that the company has become.
Currently Davis + Henderson is introducing an identity theft initiative named IDefence, which will make its debut to mortgage brokers in Canada at the CAAMP/ACCHA Canadian Mortgage Conference and Expo 2010, taking place in Montreal late this month. All Filogix Expert users will be granted complimentary membership to this service.