UK Internet bank Egg is to launch a third party mortgage administration joint venture with IT vendor Marlborough Stirling.
The company, to be called MSMS Ltd (Marlborough Stirling Mortgage Services), will target both lenders and intermediaries with an end-to-end mortgage management solution and outsourcing service. The companies says the venture is the first of its kind between a UK lender and a UK business solutions provider.
The new outsourcing service includes support for point of sale, underwriting, mortgage packaging, application processing and loan servicing as well as offering companies securitisation capabilities.
Initially, MSMS will provide third party servicing for Egg and parent company Prudential's entire bank mortgage portfolio, which is currently worth £1.9 billion.