TORONTO, June 21, 2011 /PRNewswire/ --
- Expands Total Mortgage Assets Under Management to Over $18 Billion
Paradigm Quest Inc. and Macquarie Financial Ltd. have entered into an agreement in which Paradigm will grow and expand its outsourced mortgage servicing solution to over $18 billion dollars under administration. Paradigm will provide a fully outsourced mortgage servicing solution for Macquarie's Canadian residential mortgage portfolio. Under the terms of the agreement, Macquarie has agreed to outsource an additional $7 billion over and above the $1.5 billion portfolio already serviced by Paradigm.
"Paradigm's ability to deliver high quality asset management and excellent customer service has enabled an exciting opportunity to expand its relationship with Macquarie to service its entire residential mortgage portfolio. Our core strength at Paradigm is to build valuable relationships with our business partners. We are thrilled to broaden our partnership with Macquarie and welcome their many talented employees to our organization" said Kathy Gregory, Founding President & CEO of Paradigm Quest.
"We're very pleased to expand our strong relationship with Paradigm to include our full mortgage portfolio," said Matt Rady, Head of Macquarie Banking and Financial Services Group, North America. "This partnership enables us to more efficiently run our retail financial services division, while ensuring our mortgage borrowers continue to receive excellent customer service."
Closing of these agreements is subject to usual conditions precedent and regulatory approvals.
About Paradigm Quest Inc
Launched in 2005, Paradigm Quest Inc., http://www.paradigmquest.com is a leading Canadian mortgage underwriting and servicing business process outsourcing company. The company has experienced rapid growth and with this new agreement currently services over $18 billion in residential mortgages across Canada. Operating with proprietary, end to end state-of-the-art technology and with extensive knowledge of the Canadian mortgage market, Paradigm offers a customizable business process management solution for multiple banks and other mortgage lenders. Paradigm Quest has offices in Toronto, Vancouver and Montreal and is ranked as an "above average" mortgage servicer by Standard & Poor's, partnering with over 8 different mortgage brands in the market place.
About Macquarie Financial Ltd
Macquarie Financial is a Canadian Mortgage Lender committed to providing high ratio and conventional residential mortgages to Canadians. The company is part of the Macquarie Banking and Financial Services Group, the primary relationship manager for Macquarie Group's retail client base, providing a diverse range of products and services to personal investors, financial planners and other professional service providers. The Macquarie Banking and Financial Services Group has more than 1.04 million clients globally.
For further information:
All queries should be directed to:
Donald Zuill, CFO, Paradigm Quest
+1-888-675-8358 x 2223
SOURCE Paradigm Quest Inc.