Vertex wins outsourcing contract with Rooftop Mortgages

Source: Vertex Financial Services

Vertex Financial Services today announced it has signed a new outsourcing contract with specialist lender, Rooftop Mortgages, majority owned by Bear Stearns.

Based on Vertex's Optimus software technology platform, the new strategic partnership will provide Rooftop Mortgages with full outsourcing capabilities - including all aspects of servicing administration, online funding release, securitisation and portfolio trading.

Bear Stearns is one of the largest global investment banks and securities trading and brokerage firms in the world. Its specialist subsidiary lender, Rooftop Mortgages, has completed almost £2 billion mortgages since making its first advance in October 2003. The lender has completed multiple securitisations, whole loan portfolio sales and works with a select group of around 50 distributors.

David Edwards, Vertex Financial Services' managing director (mortgages) comments: "This significant contract consolidates our position as a leading provider of outsourcing services for the UK mortgage market, following on from our recent contract wins with db mortgages and Bradford & Bingley. We are delighted to have been selected by Rooftop Mortgages. The new contract will draw on our long-established expertise in this area and fits perfectly with our knowledge and skill base as well as taking advantage of the significant technological innovation for which we have become well known."

Ginny Darrow, Chief Executive Officer, Rooftop adds: "We chose Vertex's solution not only because of their recognised and proven service quality levels, but also because of their ability to form such a strong working partnership with our team - bringing together some of the most experienced individuals in the marketplace. We are confident that this new strategic partnership will enable us to bring a leading-edge service proposition to the specialist mortgage market".

Based at Vertex Financial Services' head office in Cheltenham, the new contract will see the initial employment of an additional 27 staff with the potential for this to rise considerably throughout the relationship.

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