Latest Mortgage processing News: Finextra Research

Systems error sees Clydesdale Bank mortgage complaints soar

Complaints have flooded in to the Financial Ombudsman Service about Clydesdale Bank over the last six months after a botched systems tweak that saw the firm miscalculate mortgage repayments for thousands of customers.

28 February 2011

News/Mortgage processing

Standard Life to acquire Focus Solutions

Standard Life has made a recommended £42 million bid for UK AIM-listed financial technology supplier Focus Solutions.

07 December 2010

News/Mortgage processing

IBM to buy Bank of America mortgage servicing unit

IBM has signed a deal to buy the core operating assets of Bank of America's mortgage servicing unit Wilshire Credit Corporation. Financial terms of the deal were not disclosed.

06 October 2009

News/Mortgage processing

Fiserv agrees sale of loan fulfilment unit

US fintech vendor Fiserv has inked a deal to sell its Loan Fulfillment Solutions (LFS) business to mortgage technology firm ISGN. Financial terms of the deal were not disclosed.

29 September 2009

News/Mortgage processing

LendingTree suit claims Google planning loan aggregator service

Google is about to enter the online mortgage loan aggregator market, according to LendingTree, which is suing a technology vendor it claims is working with the search giant.

27 August 2009

News/Mortgage processing

B&B outsources credit risk to Euristix

State-owned Bradford & Bingley (B&B) has outsourced its credit risk management to London-based consultancy Euristix as it winds down its mortgage business.

08 April 2009

News/Mortgage processing

E-loan to exit mortgage business

US-based online lending platform E-loan is to quit the mortgage origination business after posting an $87.4 million net loss in the third quarter.

27 October 2008

News/Mortgage processing

Tesco eyes UK mortgage market

UK supermarket giant Tesco is looking to capitalise on the credit crunch by offering its customers home loans as well as current accounts.

01 October 2008

News/Mortgage processing

FSA fines mortgage lender £1.12m

The UK's Financial Services Authority (FSA) has fined mortgage provider GE Money Home Lending £1.12 million for systems and controls failings which resulted in hundreds of customers losing money.

25 September 2008

News/Mortgage processing

Bradford & Bingley axes 370 jobs; shuts processing centre

Troubled UK lender Bradford & Bingley (B&B) is axing 370 jobs - including 300 roles at a mortgage processing centre - as it looks to cut costs following the downturn in demand for mortgages.

25 September 2008

News/Mortgage processing

Hbos cuts jobs in mortgage shake-up

UK bank group Hbos is cutting hundreds of jobs under a restructuring of its mortgage operations, which includes the closing of its TMB brand.

13 August 2008

News/Mortgage processing

Lender Processing Services joins the Finextra50 index

Lender Processing Services (LPS), the subsidiary spun off in a separate NYSE listing by Fidelity National Information Services last week, has entered the Finextra50 Financial Technology Index. The index fell .8% to 80.92 in a short week for US markets. The Innovation Group saw the biggest gain while Bravura led the losers.

07 July 2008

News/Mortgage processing

ING Direct in EUR416m bid for Germany's Interhyp

ING Direct, the Internet banking business of Dutch group ING, is launching an all cash EUR416 million takeover bid for German direct mortgage broker Interhyp.

20 May 2008

News/Mortgage processing

Citi axes 670 UK jobs

US banking group Citi is closing down its Future Mortgages and CitiFinancial lending units in the UK, leading to the loss of 670 jobs, including 400 call centre roles.

20 May 2008

News/Mortgage processing

Outsourcing and offshoring take centre stage at Finexpo

Finexpo - Outsourcing Strategies, a new one-day conference and exhibition from Finextra on 5 June in London will feature keynote presentations from Deutsche Bank, IBM and Société Générale. It will also feature panel discussions covering best practice and the latest outsourcing trends on the sell-side and buy-side - from business processes such as trade execution, risk management and analysis through to back-office processing, infrastructure and application development.

09 May 2008

News/Mortgage processing

Fair Isaac cuts 420 jobs

Fair Isaac, the Minneapolis-based provider of credit scoring technology, is cutting 420 jobs and shedding several business units under a restructuring programme designed to boost revenue and cut costs by $100 million a year.

02 April 2008

News/Mortgage processing

Ex-Egg team take over MoneyQuest

A group of former Egg employees, led by Paul Gratton, have taken a controlling stake in direct mortgage broker MoneyQuest. Terms of the acquisition have not been disclosed.

17 March 2008

News/Mortgage processing

Nationwide switches to SAP for Banking

The UK's Nationwide Building Society is migrating its banking, savings and mortgage operations to the SAP for Banking platform as part of a £300 million business transformation programme.

17 March 2008

News/Mortgage processing

UK bank IT spending to rise

Despite the implications of this year's global credit crunch, UK bank expenditure on software and IT services is set to grow at a compound annual growth rate of 7.7% between 2007 and 2011, according to a study by European research outfit Pierre Audoin Consultants.

07 December 2007

News/Mortgage processing

NAB hit with A$20m damages claim from former tech chief

National Australia Bank (NAB) has been hit with a A$20 million damages claim from its former chief information officer Ian Crouch who has accused the bank of "misleading or deceptive conduct" in terminating his employment contract in 2004.

16 November 2007