Newcastle enhances sub-prime mortgage processing

24 August 2005
Newcastle Building Society is to enhance its sub-prime mortgage processing through a contract with a major facilitator.

From late August, NMSL, a subsidiary of Newcastle Building Society, will be added as an additional packager to Openwork's sub-prime and non-conforming mortgage panel.

Services for Openwork's network will include an online decision-in-principle facility and case tracking, and NMSL will conduct processing for all the lenders on the panel, including Mortgages Plc, GMAC-RFC, Preferred, SPML, Platform, BM Solutions and Kensington Mortgages.

Angus Macnaughton, managing director of NMSL, said: "Since launching NMSL last year the take up of the service has been extremely encouraging, but this partnership with Openwork really does take us to another level."

Openwork's Paul Shearman added: "The market for non-conforming mortgages is growing in importance and size, and through our network of lenders Openwork is ideally placed to help borrowers find the best deals."

The agreement with Openwork is the latest in a series of high-profile partnerships conducted by Newcastle Building Society through NMSL.

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