The Mortgage Company, a wholly owned subsidiary of Westpac Banking Corp., is ranked a STRONG residential loan servicer in Australia. The ranking is based on the company's seasoned management team, sound internal controls, comprehensive training programs, well-developed and executed policies and procedures, highly effective systems, and competitive delinquency rates. The Mortgage Centre, located in Adelaide, has streamlined workflows and processes, enhanced customer service in a highly competitive market, and optimized cost efficiencies inherent in a centralized platform. In November 1998, the company acquired the Bank of Melbourne's A$10 billion loan servicing portfolio. The portfolio was successfully transitioned onto its centralized platform, retaining a very substantial 99.7% of the portfolio in Australia's current strong refinance environment. In May 1999, work commenced
