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Tuesday June 26, 8:40 am Eastern Time
Press Release
SOURCE: Basis100 Inc.
Bridgewater Financial Services Ltd. Goes Live with Basis100's New Mortgage Platform, BasisXpress
Mortgage Brokers will benefit from fast accurate mortgage processing
TORONTO and CALGARY, June 26 /CNW/ - Basis100 Inc. (TSE: BAS - news), a leading e-commerce technology solutions provider for the financial services industry, today announced that Calgary-based Bridgewater Financial Services Ltd. has become the first financial institution to go live with Basis100's new BasisXpress as its mortgage origination and processing platform. This will allow consumers to get a fast approval for their mortgages when dealing with a mortgage broker.
"Our clients are mortgage brokers who require a fast turnaround time for their clients. BasisXpress allows us to service our customers faster and accept mortgage applications from a number of channels," said James Clayton, Vice President and General Manager of Bridgewater Financial Services Ltd. "BasisXpress is the most comprehensive loan origination solution that we have encountered in the market to date. We expect to be able to process more loans, more efficiently than ever before"
BasisXpress can operate as a stand-alone mortgage processing platform or it can be easily integrated into an existing system to make the mortgage process more efficient and less labour-intensive. For a standard mortgage application, the whole process takes just minutes - not including the confirmation of documentation such as salary review, property appraisal or employment history.
"Bridgewater is the first to go live with BasisXpress making our vision of providing an industry class solution a reality," said Basis100 CEO and Chairman Gary Bartholomew. "For the first time, consumers, mortgage brokers and the lender are connected seamlessly making the mortgage process fast and easy. We are in discussion with other lenders planning to implement BasisXpress as their mortgage processing system and as a result, consumers will see a more streamlined process across the industry as a whole."
Basis100 earns transaction fees from Lenders using the BasisXpress application. For each mortgage or loan funded or transacted through the application the lender pays Basis100 a fee. Basis100 also earns transaction fees from its other products such as MortgageBASE, HomeBASE, and ConsumerBASE. These front-end applications connect electronically to BasisXpress, enabling Basis100 to earn fees throughout the full mortgage process.
About BasisXpress
BasisXpress is Basis100's mortgage operating system built on POWERBASE(TM). It specifically caters to the business policies and processes of the mortgage industry. It integrates corporate lending policy into workflow, data processing and document management. As a result, financial institutions are able to distribute their diverse mortgage products and services to brokers and consumers for the purpose of quickly completing mortgage transactions. As well as eliminating unnecessary and labour-intensive processes, BasisXpress also prioritizes tasks, alerting users of high priority obligations.
About Bridgewater Financial Services Ltd.
Bridgewater Financial Services Ltd. is a mortgage banking company that works exclusively with the mortgage brokerage community to provide mortgages to the public throughout Canada.
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.
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. |
