edeus success driven by DPR technology
Mortgage Strategy reports on the phenomenal success of new sub-prime mortgage lender edeus, whose innovative proposition is driven by DPR technology and expertise.
"DUBAI 2007: EDEUS HITS PROFIT AFTER 7 MONTHS
By Robert Thickett in Dubai
Edeus has processed a whopping £4.1bn in instant decisions since it launched last September and has now broken into profit.
The company says that since opening for business just six months ago trading has been brisk and it is now well ahead of its business plan.
Edeus completed its first whole loan sale on March 30 2007.
The deal was for a residential mortgage loan book totalling £0.5bn and was transacted by Oakwood Homeloans, a wholly owned subsidiary of Credit Suisse.
James Bamber, director at Credit Suisse, says: "This is our first portfolio acquisition from edeus and represents a significant milestone for both edeus and Credit Suisse."
"Edeus is a new large entrant in the sub-prime mortgage arena and we are pleased to partner with such an experienced and professional team."
"We look forward to further developing our trading relationship with edeus."
Michael Bolton, CEO of edeus, says: "I am extremely proud of what the team at edeus has achieved in such a short period of time and I am confident that we will continue to challenge other lenders' commitment to the intermediary mortgage sector."
Edeus has invested a significant sum in its call centre technology to give the mortgage intermediary an "outstanding experience".
Likewise, it says its instant offer and instant funds service utilising automated valuation models helped produce the UK's first 24 hour remortgage completion.
Despite the blip with its email and online system earlier this week, it adds that unlike the overwhelming majority of lenders its broker helpline is freephone, and has received over 100,000 calls from mortgage intermediaries which have been answered in an average of seven seconds, with less than an 1% abandon rate.
Some 94% of all queries were handled on the spot within 3.5 minutes. The edeus website continues to attract significant interest with the number of registered mortgage intermediaries standing at 13,164.
There have been 153,756 visits to www.edeus.eu by 31,765 individuals.
