UK top ten lender Bradford & Bingley has signed a five-year mortgage application processing and servicing contract with Unisys and Marlborough Stirling.
Under the contract, Bradford & Bingley will combine Unisys Financial Services Systems with Marlborough Stirling's Omiga point-of-sale system to support its end-to-end mortgage sales and administration processing. In addition to UFSS, Unisys will also be providing systems integration capabilities to manage the joint project.
Bradford & Bingley group operations director, Robert Dickie, says the project is expected to deliver significant efficiency improvements and cost savings whilst ensuring compliance with impending FSA mortgage regulation, which comes into force from November 2004.
"Not only will this system accommodate our existing business and our growth ambitions it will also enable us to comply with the introduction of mortgage regulation."
Bradford & Bingley will use Omiga as a single, pre-completion processing system across all distribution channels, including the Mortgage Express online outlet. It will also handle processes such as credit checking, payments and underwriting and then manage applications through to completion.
B&B will deploy UFSS as a single administration solution for both new and existing mortgage business. Existing mortgage loans, which currently operate on a number of proprietary systems, will be migrated and consolidated onto the unified platform.