Following a review of the market in late 2004, Openwork announced a number of changes to its sub-prime and non-conforming offering. As a further step in enhancing their proposition, from late August NMSL, a subsidiary of Newcastle Building Society, will be added as an additional packager to Openwork’s mortgage panel.
In recent years the Newcastle has focused heavily on offering its core skills and services, including mortgage processing and online account management, to third parties.This strategy has met with success and the arrangement with Openwork is just the latest in a string of high profile partnerships facilitated through the Newcastle’s subsidiary companies, such as NMSL.
In the past year alone the Newcastle has secured agreements to provide a range of managed investment accounts, including Internet-based savings for Bradford & Bingley.
Commenting on this latest partnership with Openwork, Angus Macnaughton, managing director of NMSL, said: “Since launching NMSL last year the take up of the service has been extremely encouraging, but this partnership with Openwork really does take us to another level.
“We have invested considerable time and resources equipping NMSL with the latest technology and ensuring all the processing systems comply fully with today’s strict industry regulations. I believe this, combined with our experience and capacity to manage heavy and varying workloads, persuaded Openwork to choose us.”
The service for Openwork’s network will include an online decision-in-principle facility and case tracking. NMSL will carry out all processing requirements for the lenders on the panel, including Mortgages Plc, GMAC-RFC, Preferred, SPML, Platform, BM Solutions and Kensington Mortgages.
Paul Shearman, from Openwork, said: “We wanted a partner with the technology, experience and infrastructure already in place to bring this service to market as quickly and efficiently as possible. NMSL answered all these requirements and gave us what we wanted when we needed it. They have a growing reputation for innovation and for providing high service levels, and we certainly found this to be the case.
“The market for non-conforming mortgages is growing in importance and size, and through our network of lenders Openwork is ideally placed to help borrowers find the best deals.”
