The Co-operative Bank has returned to the UK mortgage market after a ten year absence using an outsourced mortgage package from Lynx Financial Systems.
Under the agreement, Lynx is to manage the bank's mortgage application processing and post-completion administration under its Synergy outsourcing programme. The bank is using modules from the vendor's Summit mortgage processing package to implement the new programme.
The first phase of the programme, covering staff lending and personal loans was rolled out in September 2000. Call centre agents at the bank's operation in Stockport access the system through a secure wide area network.
In line with its ethical marketing stance, the Co-operative Bank's green, flexible mortgage is designed to save house buyers money - on their repayments, on their expenses associated with setting up the loan and on their on-going energy costs.