Lynx bags two UK mortgage and loan contracts
07 August 2002 | 2694 views | 0
UK-based mortgage lender Preferred Mortgages has purchased Lynx Financial Systems' Summit retail banking solution and Portfolio Collect debt management system, for a seven-figure sum. The vendor has also won a loans administration contract with London Scottish Bank.
The Lynx Summit system will provide PML with an end-to end processing and administration system for customer mortgages. Summit’s Initiate and Activate modules provide the customer with mortgage illustrations and control the application process through to completion of house purchase. After completion Summit manages the customer’s mortgage throughout its lifecycle.
The Lynx debt management system will be used by PML to assert control over its mortgage arrears portfolio.
Phil Hopes, financial director of PML, says: "We recognise how vital IT is to our future success...Lynx will be a key factor in helping us to achieve our growth targets for the coming years."
In a separate announcement, London Scottish Bank (LSB) has contracted with Lynx to provide a loan application, administration and collections system across its entire branch network.
Lynx's Portfolio Credit and Collect software products will replace LSB’s existing in-house developed system to manage the collection and administration of branch customer loan accounts. The bank also plans to upgrade its accounting systems and integrate them with the loan processing system.