Co-op Bank extends mortgage tech deal

The Co-operative Bank has extended a deal with mortgage systems company TietoEnator (TE) for a further five years. The multi-million pound contract builds on an existing relationship dating back to the beginning of the decade.

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TE has provided Co-op Bank with a managed software support service since it entered the UK mortgage market six years ago - originally with TE acquisition Attentive - and now extends into hardware support and the provision of a mortgage sales portal.

Under the deal, TE continues to provide 24-hour support for the bank's mortgage administration and debt collection, plus the implementation of the mortgage sales portal, which enables Co-op Bank customers to apply for mortgages online and is due to launch by the end of the year.

Part of the deal involves transferring the systems that support these functions out to servers at TE's premises in Dunstable by July, according to Co-op Bank head of mortgage operations David Dunlop.

He said: "We are already successfully positioned online with Smile, but this is a way of following this up and providing the customer with a more complete journey in purchasing a mortgage online, which we haven't previously been able to do. TE has provided us with a clear view of the base cost of the system over the next five years and that gives us the stability to react to often swift changes in the mortgage market in a more flexible way."