UK building society Alliance & Leicester has signed an initial 12-month contract with Marlborough Stirling Mortgage Services Ltd (MSMS) worth an estimated £3m.
MSMS is a mortgage services company which was estabished as a joint venture between Egg plc and Marlborough Stirling in December 2000. Alliance & Leicester will join Egg, Prudential Bank and London Mortgage Company (LMC) as clients of MSMS.
Alliance & Leicester has experienced an increase in its mortgage business over recent months and needed the resources to process more mortgage applications without expanding its infrastructure.
By allowing MSMS to manage administration operations, the building society expects to reduce operational costs, establish e-mortgage solutions, launch innovative new products more quickly and benefit from improved customer service.
The building society's five existing mortgage processing centres around the UK will not be affected by the agreement.