Leading mortgage network signs major new contract with 1st - The Exchange

1st – The Exchange, today announced that Mortgage Broking Services Ltd (MBSL), one of the UK’s top-ten mortgage networks, has today signed a major new contract with the technology services provider. Later this year, when the new systems go live, 230 MBSL advisers will gain access to a complete straight-through processing (STP) solution, supporting its full range of mortgage and protection business.

The new contract will see MBSL become one of the first organisations to go live with  1st – The Exchange’s new general insurance (GI) platform and its Adviser Evolution smart client technology, AEME, launched in November last year. Based on the successful format of Exweb and Exweb Broker, the GI service will provide comparative quotes and online business submission for ASU and Buildings & Contents insurance. 

AEME is the mortgage market’s first ‘smart-client’ adviser technology. Giving MBSL users the freedom to access the solution whether connected to the internet or not, it includes a fully integrated CRM and point of sale solution - enabling online and offline working as well as synchronisation to a central database.

David Child, managing director of 1st - The Exchange, comments:

“This is a really significant new contract for us, particularly given the current market conditions which have seen many mortgage networks suffering. Not only does it demonstrate the commitment of both parties in the drive for future growth, but importantly it also gives MBSL a true competitive edge with a robust and compliant solution, delivering maximum cost-efficiency.”

Tony Corrigan, managing director, MBSL, explains:

“Given the scale and importance of our investment in technology and ecommerce, we spent a considerable period of time looking at many of the market’s leading suppliers before deciding to work with Vertex.  We were very impressed with the knowledge of their teams and are extremely pleased to have agreed such a major new partnership with them.”

Corrigan continues:

“The combination of the solutions we have chosen will give our advisers an innovative and powerful new sales process, backed up with all the efficiencies that proper STP provides.  With excellent data management and storage, we will also be perfectly equipped to manage all the compliance and regulatory requirements associated with the new TCF and RDR legislation. Our future growth prospects are ambitious but realistic and, with the Vertex technology behind us, MBSL can look forward to the future with confidence.”