June 7, 2004 - Marlborough Stirling, a leading provider of business solutions to the financial services sector is pleased to announce that Bridgewater Financial Services, a leading Canadian residential mortgage lender, has selected the newly launched Application Service Provider (ASP) version of its Optimus mortgage administration solution. This makes Bridgewater Financial Services the first client for Marlborough Stirling Canada's recently launched ASP mortgage services.
The new ASP services give mortgage brokers and lenders fast, cost-effective access to Marlborough Stirling's MorWEB, Omiga and Optimus solutions, which support broker origination, application processing and ongoing administration of mortgages respectively.
The ASP version of Optimus has been selected by Bridgewater Financial to manage its mortgage administration processes from funding to maturity, and will streamline back office functions such as high volume renewal processing, reporting, securitization and the collection and remittance of property taxes.
Optimus has been used by many of Canada's leading financial institutions for a number of years and they have relied on the application's flexibility and scalability as their mortgage assets under administration have steadily grown. The rich functionality of Optimus has been central to the success of many mortgage servicing operations.
Eric Stewart, VP and General Manager of Bridgewater Financial Services says, "The tremendous growth we have experienced over the past 12 months required us to change our mortgage administration system to one that could grow with us for many years to come. Marlborough Stirling's Optimus system was our choice, being well established and installed in many Canadian Financial institutions. It was also very important to us that it had the functional flexibility to address our current needs. This, together with the business benefits we will achieve using Marlborough Stirling's ASP engagement model, ensured that the decision to go ahead with the project made total business sense."
Marlborough Stirling Canada President and CEO Bill Pitkin adds: "We are tremendously excited about this project with Bridgewater Financial. It is confirmation of our company's strategy to introduce our full suite of mortgage solutions to the Canadian financial services community as a Hosted Portal Service. From broker origination, through application processing and administration, the client has the flexibility to take advantage of efficiencies derived from a true end-to-end mortgage solution. We now give the client the strategic option to hand over maintenance, development and support of mission critical applications and the infrastructure that supports them, allowing them to concentrate on their core competencies."
For more information
Director, Mortgage Solution Sales
Marlborough Stirling Canada Limited
Tel: 416-620-2685 or 416-560-8161
About Marlborough Stirling
Marlborough Stirling (www.marlborough-stirling.com) provides software and services to the mortgage, life, pension and investment market sectors. Its software and services enable financial service providers and intermediaries to meet consumers' demand for financial products that are flexible, capable of being distributed through a variety of channels and processed efficiently.
The group employs approximately 1700 people and has offices in Cheltenham, Basingstoke, Brighton, Cobham, Dudley, Halesowen, Dublin, Douglas in the Isle of Man, Cape Town, Madrid, Milan, Toronto and Vancouver.
Clients of the group include Alliance & Leicester, Bank of Scotland, CIBC, Clerical Medical, Co-operative Insurance Society, Coventry Building Society, Egg, Legal & General, Nationwide Building Society, NBS Bank, Royal London, Sanlam and Sun Life Financial of Canada (UK).
About Bridgewater Financial Services
Bridgewater Financial is a mortgage banking company specializing in providing mortgages to homeowners and purchasers across Canada. It has been in business since January 1997. Bridgewater is owned by the Alberta Motor Association (AMA). AMA is affiliated with the Canadian Automobile Association (CAA). Bridgewater originates product through a network of mortgage brokers. The mortgages are underwritten and funded through the Calgary office. Bridgewater has over C$1 Billion in mortgages under administration. Offices are located in Calgary, Edmonton, Victoria, Vancouver, Toronto and Ottawa.
The Alberta Motor Association is the largest membership organization in Alberta, with more than 690,000 members representing more than one-third of all households in the province. Besides Emergency Road Service and Driver Education programs, the AMA also operates the largest vacation travel agency in the province, and one of the largest insurance agencies, with a full range of auto, home, personal, life, farm and commercial insurance services. AMA also sells mortgages to and operates a registry service for members. As well, the AMA is a leading advocate on a range of advocacy issues affecting members and all Albertans, including transportation planning, road safety, crime prevention, travellers rights, and the environment as it relates to the automobile.