Every mortgage introducer will now be able to use the Mortgage Trading Exchange regardless of what sourcing or point-of-sale systems they are currently using and start to enjoy the
benefits of trading electronically with the majority of the UK's leading lenders from one place.
Rather than using various lender websites, each of which work in different ways and require a multitude of passwords, introducers can trade electronically and manage the majority of their mortgage business on the MTE in a similar way.
Furthermore, the validation of forms prior to submission means that customers get better service as all the necessary information required to proceed is submitted to the lender in a single pass, right first time process.
Mark Lofthouse, CEO of the Mortgage Trading Exchange commented: "The main goal of the Mortgage Trading Exchange was to enable every mortgage introducer to electronically complete and transact mortgages with the majority of lenders
in the UK. We are absolutely delighted that with the launch of MTE 'standalone' we have been able to achieve this objective. The success of the platform has been phenomenal, it is currently being used by thousands of introducers who send
over 3,000 transactions per week, representing around £20 billion worth of mortgages per year.
"The platform is quicker, easier to use and more efficient than lender websites with benefits including application forms with a similar look and feel, the use of a collective account number and password, case tracking, together with the obvious compliance and customer service benefits of a 'right first time' process."
Since the announcement of MTE 'standalone' on 27th June, thousands of intermediaries registered to receive their priority copy of the MTE and will be the first to receive MTE 'standalone'.
Jonathan Smith at Independent Mortgage Services in Newcastle, was one of the first to take part in the trials. "We place large volumes of business with particular lenders and they recommended the MTE as the best platform to use for
electronically completing and transacting mortgage applications. As I didn't use Mortgage Brain or Mortgage 2000 we hadn't, until now, been able to use it so the launch of MTE 'standalone' couldn't come soon enough, it's what we've all been
waiting for.
"The ease of use, accuracy and speed of the platform is amazing; we are now giving our customers a decision on their AIPs and full applications within 24 seconds, rather than 24 hours. I've been so impressed with the pilot that we're now looking to get it installed on all of our systems".
The MTE is already integrated with a number of point-of-sale and mortgage sourcing platforms and the company is working with many more, which it will announce in due course.
