Mortgage technology provider Marlborough Stirling, part of Vertex Financial Services, has announced a series of deals.
The company, which is Vertex’s brand in Canada, has completed separate agreements with two of Canada’s leading lenders in the broker channel, making its MorWEB broker origination system a key source of applications from mortgage brokers.
These two deals alone are set to grow the MorWEB product’s share of the broker market from around 3% to over 30%, with other deals expected to follow.
The first agreement, with The Bank of Nova Scotia, represents a significant change in the way the lender pricing model is structured for processing applications received from brokers. The Bank of Nova Scotia was also attracted to the MorWEB product because of its eight-year unbroken zero outages record and industry leading customer service.
Marlborough Stirling president and CEO Tim Brown said: “This deal will allow us to deliver on our 25-year-long commitment to give the industry the reliable and quality service it deserves. With Scotiabank’s commitment we can continue to invest for the benefit of the mortgage lending industry.”
Following the Scotiabank agreement, a separate arrangement was reached with First National Financial LP, which positions MorWEB as a key source of application delivery for its mortgage brokers.
Brown added: “These financial institutions will work with us to ensure reliability, innovation, quality service and healthy competition while providing sound economic reasoning behind the delivery of broker applications. This will lead to the improved sustainability of the overall mortgage broker channel.”
Vertex Financial Services sales director Adam Oldfield said: “Marlborough Stirling invites other lenders that share the same vision and values to discuss how MorWEB could be beneficial to their mortgage lending operations. We anticipate announcing others in the weeks and months to come.
“Marlborough Stirling and our lender partners are dedicated to ensuring we continue to provide a reliable platform supported by a robust infrastructure and service for the mortgage broker industry in Canada, to ensure quick responses for application processing at all times.”