edeus was launched in September 2006 and said it was ahead of its business plan.
Its instant offer and instant funds service utilising AVM technology helped produce the UK’s first 24 hour remortgage completion. The standard service, where a physical valuation is carried out, has an average turnaround time from application to offer of less than six days.
edeus completed its first whole loan sale on 30 March 2007. The deal was for a residential mortgage loan book totalling £0.5 billion and was transacted with portfolio purchaser, Oakwood Homeloans, which is a wholly owned subsidiary of Credit Suisse.
James Bamber, director at Credit Suisse, said: “This is our first portfolio acquisition from edeus and represents a significant milestone for both edeus and Credit Suisse. edeus is a new large entrant in the non conforming mortgage arena and we are pleased to partner with such an experienced and professional team. We look forward to further developing our trading relationship with edeus."
The deal means that edeus moves into profit in the first quarter of 2007, only 7 months after launch.
edeus has invested a significant sum in its call centre technology. Since launch, edeus has received over 100,000 calls from mortgage intermediaries which have been answered in an average of 7 seconds, with less than 1% abandon rate. 94% of all queries were handled within 3.5 minutes.
Michael Bolton, chief executive officer (CEO) of edeus, commented: "I am extremely proud of what the team at edeus has achieved in such a short period of time and I am confident that we will continue to challenge other lenders’ commitment to the intermediary mortgage sector."
