London Mortgage Company (LMC), the recently launched second mortgage provider, and a division of Matlock Bank, has signed a three-year contract estimated to be worth in excess of one million pounds in revenues with Marlborough Stirling Mortgage Services Limited (MSMS).
MSMS is a new mortgage services outsourcing company set up in December 2000 by UK-based vendor Marlborough Stirling and direct bank Egg. MSMS will support LMC’s loan completion and servicing functions. LMC joins Egg and its sister company Prudential Bank as clients of MSMS.
By outsourcing its mortgage administration to MSMS, LMC expects to be able to offer intermediaries and borrowers a quality mortgage service while controlling administrative overheads.
Head of London Mortgage Company, Robert Owen, comments: "We believe our relationship with MSMS will help us to do what we do best whilst they ensure that our back office operations are focused on quality and rapid service."