Vertex inks £45m Deutsche Bank mortgage outsourcing deal

Vertex inks £45m Deutsche Bank mortgage outsourcing deal

British BPO outfit Vertex Financial Services has won a five year contract, worth around £45 million, to provide outsourced mortgage processing services to db mortgages, Deutsche Bank's new mortgage unit in the UK.

United Utilities subsidiary Vertex says it will deliver a full end-to-end outsourcing system for db mortgages, a UK-based specialist mortgage lender established by Deutsche Bank.

The vendor says it will use its Omiga and Optimus software - which it acquired when it bought out Marlborough Stirling in March last year - to provide application processing and mortgage servicing to db mortgages, which will be based in Chester.

Vertex says the contract supports Deutsche Bank's entry into the UK intermediary mortgage market and builds on its presence in the mortgage outsourced services sector. The vendor originally acquired UK life and pensions vendor Marlborough Stirling in a bid to move into the financial services sector.

John Roberts, chief executive, United Utilities, says: "This contract with Deutsche Bank, which is our largest mortgage outsourcing deal to date, demonstrates Vertex's capability to exploit the substantial outsourcing opportunities in the financial services market."

Comments: (0)