Back to: Securitisation

 

Since 1996 Westpac has been operating through a single mortgage processing centre (situated in Adelaide, with over 1,400 staff). This operation fundamentally changed Westpac's approach to the home mortgage business in Australia. During 2001, Westpac revised its strategic direction toward partnering with global players to deliver superior capabilities to customers and achieve efficiency gains across the group. As part of this strategy Westpac outsourced its mortgage loan processing to EDS Business Process Administration Pty Limited, ("EDS") a subsidiary of EDS Corporation. EDS is rated by Standard & Poor's as a 'strong' residential loan servicer.

EDS provides the following services:

• Origination
• Servicing
• Inbound and Outbound Call Centre Activities
• Document Custody
• Securitisation Services
• Portfolio Reporting

EDS has retained existing staff and will bring additional expertise in all facets of the custodian and servicing requirements of asset securitisation.

EDS's Servicing portfolio amounts to approximately A$50 billion, representing 650,000 loans. The loan portfolios relate to Westpac Banking Corporation, Challenge Bank, Bank of Melbourne and FAI First Mortgage Pty Ltd.

Westpac has retained underwriting approval and collections & recoveries.

Press Release: View the full press release relating to Westpac's announcement on 9 August 2001 to select EDS as its preferred partner to manage its mortgage processing operations in Adelaide, or contact Rachelle Hall for more details.