“Competition is always healthy for any industry,” said Tim Brown, president and CEO of Marlborough Stirling Canada. “We’ve have always prided ourselves on a being highly dependable platform, and with these deals, we are also helping to change the economics of how things are done and provide lenders a cost-effective alternative.”
The revised agreements with Scotiabank and First National effectively provide those major players “a more predicable cost structure” for use of the broker origination system MorWeb. For Marlborough Stirling, the agreements allow it to better invest in the platform, the expectation being, said Brown, other lenders will follow First Nat and Scotia's lead.
Brown bills the agreement with the latter as a sea-change in the way the lender’s pricing model is structured in terms of processing applications received from brokers.
The Bank of Nova Scotia
was also attracted by MorWEB’s zero outage record over the past eight years, he said.
That record may also help to win greater broker use, answering a call, say some veterans, for greater competition in platforms.
MorWeb is revving up to give Expert a better run for its money, the company behind the mortgage platform announcing revised deals with two of the channel’s biggest lenders.