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June 24, 2010 –Last month, Marlborough Stirling Canada announced an exciting new partnership which allows our broker community to provide their customers with direct access to unsecured loans right through the MorWEB platform.
Our partner on this initiative, CommunityLend, has integrated their unique online lending platform for unsecured loans directly into the MorWEB product. They are also working with our brokers to customize their own customer-facing launch page online.
We are excited to announce that a number of our brokers have already taken advantage of this new service and that one of our broker members has already secured a $17,000 loan on the system for one of their customers.
Here is what Lorna McGibbon of Manhattan Mortgages had to say about this new service:
“We were very happy to be able to help our customer to get an unsecured loan through CommunityLend. My client needed a Home Improvement loan at a reasonable rate and I was pleased to be able help them without directing them back to their bank. CommunityLend was able to get a fixed rate of 7.25% for a $17,000 for my client. I will be recommending this lending service for more of my customers going forward.”
Just a reminder that CommunityLend facilitates unsecured loans from $1,000 – 25,000 and the service is free to use for brokers. There are no charges to your customers for applying on the system and they pay a small charge of 1-2% of the loan amount only when a loan is closed. CommunityLend is even paying our brokers a referral fee of $50.00 for each loan which is transacted from their customer base.
To find out more about using this new service through MorWEB just click on the link provided in your MorWEB homepage or see the information below. You can also contact CommunityLend at colin@communitylend.com or 416-646-2177.
More information for MorWEB Brokers:
Welcome to CommunityLend, Canada’s peer-to-peer lending service.
Find out if CommunityLend can help your customer get a better rate on an unsecured loan.
- CommunityLend is an online lending service where borrowers can get better rates on unsecured loans by auctioning their loans off directly to private investors.
- CommunityLend brings borrowers together with lenders and takes care of all the tasks normally done by a financial institution, tasks such as identity verification, credit checks and loan documentation.
- CommunityLend is available to individuals seeking a personal loan from $1,000 up to $25,000 (OAC) and who reside in Ontario and Quebec.
- All Borrowers will have to meet the CommunityLend minimum credit requirements which include a minimum Beacon score equivalent of 657 and a reasonable debt service ratio.
Registration will take around 10-15 minutes to complete, and you'll want to ensure that your client has the following items handy to save time:
- A blank void cheque
- Drivers license
- Their personal financial statement
Rates and Fees
- For more information on our Minimum Interest Rates for an unsecured loan, please refer to this page.
- For more information on CommunityLend’s fees, please refer to this page.
At any time, if you or your client has questions, you can call us Toll Free at 1-888-536-3025 or email us at info@communitylend.com.
For more information about MorWEB, please contact:
Tim Brown
General Manager, MorWEB
Marlborough Stirling Canada
(T) +1 416 620-2694
(E) tim.brown@mscanada.com
For more information about CommunityLend, please contact:
Colin Henderson
CommunityLend
(E) colin@communitylend.com
About Marlborough Stirling Canada
Marlborough Stirling Canada (MSC) is a technology services provider to the Canadian mortgage industry. MSC offers a complete range of hosted and licensed software solutions capable of achieving seamless straight through processing of mortgage business from initial customer inquiry to final loan discharge. MSC's solutions include MorWEB (origination system for brokers and lender sales forces), Omiga (underwriting, fulfillment and funding), and Optimus (mortgage servicing). Marlborough Stirling Canada is a wholly owned subsidiary of Vertex (www.vertexgroup.com).
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