March 28, 2006 - Marlborough Stirling Canada, a leading provider of mortgage origination, underwriting and administration technology services to the Canadian financial services industry, today announced that GMAC Residential Funding of Canada (GMAC-RFoC) have signed a multi-year agreement to implement the Omiga mortgage underwriting, fulfillment and funding solution.
Omiga supports customer acquisition from initial inquiry through to release of funds, and manages the ongoing customer relationship. Through Omiga, GMAC-RFoC can underwrite, fulfill and fund mortgages through a single system with task management capabilities that streamline business procedures.
Using a web browser interface Omiga captures all relevant client and property data, including inputs from a broad range of distribution channels and broker systems, imports the information into its underwriting module, further processes the application through to and including funding, and then seamlessly uploads it to the back office system for ongoing administration. By automating much of this processing, Omiga greatly reduces the amount of manual input required.
"In order to support our business goals going forward, we embarked on an extensive search for a technology solution that would complement our aggressive growth plan," said Lee Goderstad, President of GMAC-RFoC. "Omiga has the flexibility and functionality that best suits this strategy and will introduce significant efficiencies to our underwriting operations."
Martin Drevjany, Marlborough Stirling Canada Vice President, Sales, adds, "The efficiency and productivity gains enabled by technology solutions are critical to reducing costs, enhancing the customer experience and addressing everyday business complexities. We are very pleased with GMAC-RFoC's decision to select Omiga and look forward to a long and successful relationship."
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 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. For more information see: www.gmacresidential.ca
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.
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.
Martin Drevjany, Vice President, Sales
Marlborough Stirling Canada