Great-West Lifeco Transfers Canadian Mortgage Portfolio to Start-Up Company Nesto
By Adriano Marchese
Great-West Lifeco said Monday that it has agreed to transfer the servicing and support of its residential mortgages to Canadian digital mortgage start-up nesto.
The Canadian insurer said that it has entered into a strategic partnership with the Montreal-based company, which will allow it to withdraw from the residential mortgage market, a decision it made last year.
The new partnership will increase nesto's mortgages under management to more than 10 billion Canadian dollars ($7.41 billion).
In addition to servicing the existing mortgages starting in January, nesto will also be responsible for Canada Life mortgages at maturity.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 04, 2023 07:26 ET (12:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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