Macquarie Financial Ltd

Macquarie Financial Ltd

June 21, 2011 14:36 ET

Macquarie Financial, Paradigm Quest and Canadiana Financial Announce Partnerships

New and Expanded Relationships Will Benefit All Sides

TORONTO, ONTARIO--(Marketwire - June 21, 2011) - Three leading mortgage industry companies today announced new and expanded partnership agreements. Under the terms of the agreements, Macquarie Financial Ltd ("Macquarie") will outsource the servicing of its $8 billion mortgage portfolio to Paradigm Quest Inc ("Paradigm"), while Canadiana Financial Corp ("Canadiana") will assume loan origination functions for Macquarie.

The agreements are a response to current industry trends and conditions in the Canadian mortgage market and seek to ensure that Macquarie mortgage borrowers continue to be provided with best-in-class service levels from leading specialist industry providers.

"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."

The partnership between Macquarie and Paradigm is longstanding. Paradigm currently manages approximately $1.5 billion in mortgages for Macquarie.

Kathy Gregory, CEO of Paradigm said: "Paradigm has had a strong relationship with Macquarie for years. It is a testament to our good working history and Paradigm's award-winning capabilities that we were able to expand our servicing mandate to include Macquarie's complete mortgage portfolio."

Grant MacKenzie, who is currently CEO of Macquarie Financial, will join Canadiana Financial to head up the company on July 1, 2011.

"Joining Canadiana provides an exciting opportunity for me to add to the high standards of a well-recognized mortgage provider and continue a culture of industry innovation," said Mr. MacKenzie. "In addition to fostering new mortgage-broker relationships, there will be additional scope to expand Canadiana's partnership with Macquarie. I look forward to my new role as we focus on providing even better service to a larger group of brokers."

As part of the transition to the new partnership agreements, certain employees from Macquarie will transfer to Paradigm and Canadiana to continue in new roles. Terms of the arrangements will not be disclosed. Closure of these agreements is subject to usual conditions precedent and regulatory approvals.

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.

About Paradigm Quest Inc

Launched in 2005, Paradigm Quest Inc,, 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, 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.

About Canadiana Financial Corp

Canadiana Financial Corp, founded in 2010, is headquartered in Vancouver B.C. and provides insured residential mortgages in Western Canada, Ontario and the Atlantic Provinces through a select group of mortgage broker professionals to a number of well known funders. The company is distinguished by its strong commitment to providing brokers with exceptional service levels. Canadiana's strong capital structure, experienced management team and exciting suite of products and pricing have ensured the growing success of the company in the Canadian mortgage market.

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