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Friday June 8, 7:00 am Eastern Time
Press Release
SOURCE: Basis100 Inc.
Basis100 Signs Royal Bank as user of Mortgage Technology
Multi-year Contract provides Technology to Power Mortgage Sales Force
TORONTO, June 8 /CNW/ - Basis100 Inc. (BAS:TSE), a leading e-commerce technology solutions provider for the financial services industry, announced today that it has signed a multi-year contract with Royal Bank of Canada for the use of Basis100's HomeBASE mortgage technology. This technology will be used by Royal Bank's over 450-strong residential mortgage sales force, allowing them to submit applications electronically to a central processing center.
"With Royal Bank on board, Basis100 is now the only mortgage technology company to have a relationship with every major Canadian lender," said Gary Bartholomew CEO Basis100, "Royal Bank's selection of Basis100 for its front- line mortgage technology is an endorsement of our ability to offer an industry- class mortgage solution, relied on by some of the largest financial institutions in the world."
HomeBASE will be used by Royal Bank's mobile mortgage sales force to receive applications from clients and they will be the first financial institution to implement HomeBASE. With HomeBASE, lenders are able to submit applications to mortgage insurers, such as CMHC or GE Mortgage Insurance Corporation, and quickly qualify clients. HomeBASE sales tools and calculators also enable more personalized service for homebuyers.
"We have the best mobile mortgage sales force in the country who will now be supported by the best technology," says Scott Brown, Royal Bank Vice President of Mortgages. "This will only serve to increase the current high level of service our clients are telling us they are receiving from our specialists."
"Once we complete the customization and rollout of HomeBASE for Royal Bank," says Bartholomew, "we will be presenting our BasisXpress Solution which we believe will further enhance cost reductions and efficiencies in the overall mortgage process."
Consistent with Basis100's 2 Minute Mortgage vision, this multi-channel mortgage solution facilitates both capturing the mortgage application and processing the mortgage to the point of funding, making Basis100's technology the only Canadian solution that can process a mortgage from start to finish.
Both parties agreed not to disclose the details of the contract.
About Basis100
Basis100 is a leading e-commerce technology solution provider for financial institutions and service providers enabling them to build, distribute, buy and sell their products and services in new ways. Basis100 is focused on the mortgage origination, consumer credit, fixed income trading, and service vendor markets across North America. For more information about Basis100, visit www.basis100.com.
About Royal Bank of Canada
Royal Bank of Canada (TSE: RY, NYSE: RY) is a diversified financial services company. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing on a global basis. The company employs more than 54,000 people who serve 10 million personal, business and public sector customers in North America and in some 30 countries around the world. For more information, please visit www.royalbank.com |
