February 15, 2006 — Marlborough Stirling Canada (MSC) is pleased to announce the signing of a contract with GMAC Residential Funding of Canada (GMAC-RFoC) for the implementation of its Optimus mortgage servicing and securitization application. Under the multi-year agreement, Marlborough Stirling Canada will act as an Application Service Provider to GMAC-RFoC, providing its Optimus application as a hosted portal service in support of GMAC-RFoC’s master servicing and securitization operations.
Martin Drevjany, MSC Vice President of Sales, comments: “It is very exciting to have an opportunity to be involved with an innovative lender like GMAC in an initiative which is unique to the Canadian mortgage banking community. Our Optimus mortgage administration solution, which is the foundation for this project, has proven to be both flexible and function-rich enough to tackle this complex project, securing Optimus as a proven Canadian solution for today and also into the future.”
Optimus will bring immediate improvements to GMAC-RFoC’s master servicing operations. As Edward Boland, GMAC-RFoC Director, Structured Finance, explains: “Optimus’ strengths in data integrity, asset segmentation, accounting and reporting provide an ideal fit for GMAC-RFoC’s processing needs in Canada and will also support the relationship with our corporate partners in the US. We are confident in our decision to select Marlborough Stirling Canada’s services, and we look forward to realizing the business benefits.”
Lee Goderstad, GMAC-RFoC President, adds “After assessing our options, we selected Marlborough Stirling Canada because of their established track record of developing and implementing flexible, capable and reliable mortgage servicing solutions. This is a unique proposition in the Canadian marketplace, and Optimus fits the bill better than any other solution we considered.”
Marlborough Stirling Canada’s focus is on mortgage origination and administration, offering a complete range of hosted and licensed software implementations capable of achieving seamless straight through processing of mortgage business from initial customer inquiry to final loan discharge. For more information see: www.mscanada.com
Marlborough Stirling Canada is a wholly-owned subsidiary of Vertex Financial Services (www.vertex.co.uk). Vertex is an international business process outsourcer based in Manchester, UK, with particular expertise in customer management. Vertex develops and implements a range of service solutions including transformational outsourcing, combining its skills in consulting, technology and outsourced service provision to stimulate and facilitate business change and flexibility.
Vertex is part of United Utilities plc, a FTSE 100 company, and works in partnership with clients in the commercial, financial services, utility and public sectors, as well as the North American utility sector, to deliver operational and customer service excellence. Vertex has 9,000 employees based in 69 locations across the UK, Canada, the USA, Switzerland, Liechtenstein and India.
GMAC Residential Funding, a wholly-owned subsidiary of GMAC Residential Funding Corporation of Minneapolis, is a wholesale residential mortgage lending company. In November 2002, the company entered the Canadian market with the ideclare (stated income) mortgage, and now offers a range of other innovative mortgage solutions including conventional, insured, second, sub-prime and other alt-A mortgages. GMAC Residential Funding of Canada is the number one Alt A lender in Canada, and the leading public issuer of mortgage-backed securities for non-government guaranteed mortgages.
GMAC Residential Funding also enjoys established partnerships with First Canadian Title for title insurance and MCAP Service Corporation for servicing, creating an efficient closing and loan administration process. www.gmacresidential.ca
Martin Drevjany, Vice President, Sales
Marlborough Stirling Canada