Bluestone Servicing, Bluestone Group’s newest business, has proven a success in its first six months of operation the organisation has reported.
The back-office processing company generated a total of $5 million in gross revenues – representing 14 per cent of Bluestone Group’s total earnings for the six months to December 2007.
Bluestone Servicing forms part of a core strategy by the group to diversify its income stream away from pure origination.
“As Bluestone grew, we recognised an attractive opportunity in developing our own servicing capabilities, so we have made a substantial investment in both capital, expertise and technology to develop BOSS – the Bluestone Origination and Servicing System,” said Bluestone Group CEO Peter McGuiness.
“This latest initiative further underpins our strong position in the specialist mortgage market and should enable us to share our back-office expertise for the benefit of the wider lending sector,” said Mr McGuiness.