Neew One:
basis100.com
0 Percent of Canadian Mortgage Brokers will Use Basis100
Technology
Strategic Acquisition Provides 27 Canadian Lenders with Access
to 2 Minute Mortgage Solution
Toronto, Canada, November 2, 1999 - Newly publicly traded
Internet-based e-commerce services provider, Basis100 Inc.
(TSE:BAS), announced today that it has finalized an exclusive
agreement with Morty Systems Inc. (MSI), a major national mortgage
broker supplier. Basis100 has acquired MSI's existing technology as
well as agreements with 27 lenders and over 1,250 mortgage brokers
and producers. The purchase price was satisfied by the issuance of
Basis100 shares and a convertible debenture issued by Basis100 to
MSI. This strategic acquisition adds another critical technology
component to the 2 Minute Mortgage solution, and drastically reduces
the time required to sell and implement new mortgage lenders on
Basis100's service.
Basis100 will migrate existing MSI technology to the Internet platform,
which will provide enhanced service to the network's 27 lenders and
1,250 mortgage brokers. These technology enhancements will create
efficiencies in the mortgage broker channel, which will result in faster
processing times, greater access to information, immediate cost
reductions and expanded cross-selling opportunities. MSI will continue
to market and support the Canadian mortgage brokerage community.
The MSI technology, currently offered to lending institutions such as
Toronto Dominion Bank, Scotia Mortgage Corporation, National Bank
and Caisse Populaire Desjardins de la Rive, will be upgraded and
incorporated into Basis100's browser-based 2 Minute Mortgage
solution. Mortgage lenders will have the opportunity to realize the
benefits of automated underwriting and workflow capabilities as well as
enhanced trading partner integration. Basis100's 2 Minute Mortgage
uses Internet-based technology to automate the entire mortgage
origination process from start to finish.
"By providing Canadian mortgage lenders with immediate access to
Basis100's 2 Minute Mortgage solution, we will drive greater efficiencies
for the lenders, while enabling them to unlock new value and forge new
relationships", said Jason Smith, Executive Vice President Retail
Financial Services. "Basis100 is confident that our strategic agreement
with Morty will drive value to both companies as well as our respective
customers and partners".
"Mortgage brokers will benefit from access to Basis100's 2 Minute
Mortgage solution. The functional improvements offered by Basis100
technology and product expertise will assist Morty mortgage brokers
now and in the future", said Dave Nichol, President of MSI. "Through
this alliance, Morty has secured a competitive position in an industry
where operating efficiency and new technology-based marketing
strategies are crucial to success".
Basis100 is founded on the recognition that the entire financial services
arena is in a state of profound transformation. This opens the door for
new players with innovative market approaches, as well as a deep
understanding of the financial services industry and the vision to
incorporate state-of-the-art technology into the development of uniquely
powerful application services.
The company's value-based services increase the efficiency of
business-to-business and business-to-consumer transactions.
Basis100 is able to uncover new market opportunities and customer
bases by applying Internet-based technology to a broad range of
financial products, services and channels. Basis100 also links
communities of interest networks; this creates cross-selling
opportunities around purchase transactions, which drives more value
and return for institutions and their trading partners.
Morty Systems Inc. (MSI) is one of three major national suppliers of
technology designed to automate mortgage origination process.
Approximately half of the estimated 2,500 mortgage brokers in Canada
subscribe to Morty's services.
Regards,
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