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MorWEB goes live with Canadian lenders

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
Tel: 416-587-7899

News source: Marlborough Stirling Canada


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