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February 10, 2005 - Bill
Pitkin, President and CEO
of Marlborough Stirling
Canada is pleased to announce
that MorWEB - the mortgage
broker origination technology
of today and the future
- is now live and transmitting
deals to a "first
wave" of Canadian mortgage
lenders.
MorWEB is a web-based origination solution designed
to increase the productivity and efficiency of mortgage
brokers and lenders. Its features include a browser-based
interface that provides online application capture and
lender connectivity, directed task management, real
time case tracking, built in document management and
a suite of financial calculators.
MorWEB's robust functionality enables mortgage brokers
to quickly capture customer information and application
details, provide detailed quotations and electronically
forward accepted deals through to lenders.
The following lenders comprise the first wave of institutions
who are now accepting mortgage business through MorWEB:
- Equitable Trust
- First National Financial Corporation
- Laurentian Bank
- Maple Trust
- MCAP Mortgage Corporation
- MRS Trust
- ResMor Trust Company
We are also pleased to confirm at this time that FirstLine
Mortgages have executed the MorWEB contract and
a "go-live" date will be announced soon, once
certain internal connections are completed. In addition,
National Bank's Broker Centre in Brampton is
committed to joining MorWEB and is looking forward to
going live shortly once connections are finalized. Citizens
Bank of Canada is also taking steps toward MorWEB
and are currently finalizing their contract.
Overall, this will bring the total number of "first
wave" lenders to ten, a very positive start and
confirmation of the commitment by the lending community
to MorWEB and Marlborough Stirling Canada. Discussions
with other lenders continue and we look forward to announcing
the second wave in the coming weeks.
Steve Bainbridge, National Director, Mortgage Services,
explains that "after conducting extensive cross-country
focus groups, Marlborough Stirling has risen to the
challenge of developing a web-based solution that is
unmatched in its capabilities and responsiveness to
Canadian business requirements. Add to that our commitment
to providing top quality service, support and training
through our dedicated customer care team, and you can
see why MorWEB is creating quite a buzz in the broker
market."
With brokers signings committed to MorWEB exceeding
20% of the market, the focus now is on training those
firms that deal with these lenders so that deal flow
can be realized. With three of the five largest broker
lenders committed to receive deals, MorWEB is well positioned
to enjoy significant growth in transactional volume
over the coming months.
Bill Pitkin adds: "There is a great deal of excitement
over the MorWEB product and our entrance into this market,
and I am confident that it will prove to be an attractive
alternative for a growing number of mortgage brokers.
This first wave of lenders going live shows that the
time is right for competition, and Marlborough Stirling
is here to deliver."
For more information contact:
Steve Bainbridge
National Director, Mortgage Services
Marlborough Stirling Canada
Email: steve.bainbridge@marlborough-stirling.com
Tel: 416-587-7899
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