Every mortgage introducer will soon be able to access the Mortgage Trading Exchange, the regardless of what point-of-sale and sourcing system they are currently using and can start to enjoy the benefits of trading electronically with the UK's leading lenders from one place.
Circa 70% of introducers already have access to the MTE and those who don't will now be able to send and track KFIs, AIPs and full applications with supporting lenders using a 'standalone' copy of the MTE. Trials of MTE 'standalone' commence 27th June, and following a successful pilot will be rolled out to the whole market.
This move sees the Mortgage Trading Exchange becoming the only common trading platform available to everyone in the mortgage industry. All introducers can now join the many thousands who regularly use the Mortgage Trading Exchange, currently transacting in excess of £20billion of mortgages per year.
Introducers managing cases on the MTE can access the majority of lenders from one place, rather than using many lender websites, each of which work in different ways. The platform is easier to use and more efficient with benefits including application forms with a similar look and feel, the use of one account number and password for many lenders and case tracking together with the obvious compliance and customer service benefits of a single pass 'right first time' process.
Mark Lofthouse, CEO of the Mortgage Trading Exchange comments, "When the Mortgage Trading Exchange was first launched, the main goal was to enable every mortgage introducer to electronically complete and transact mortgages with all lenders in the UK market. We are absolutely delighted that we have been able to achieve this and make the MTE available to all introducers.
"It doesn't matter if introducers use Mortgage Brain, Mortgage 2000, or any other sourcing system; they will all be able to use the Mortgage Trading Exchange to request KFIs, AIPs and submit applications with lenders who account for over 60% of all UK mortgages sold. Committed lender partners take this figure to circa 80% with new lenders going live being announced shortly. The MTE really is the only true common trading platform available to all introducers and lenders alike."
The MTE is already integrated with a number of point-of-sale and mortgage sourcing platforms and we are working with many more, which will be announced in due course.
Lenders currently live on the Mortgage Trading Exchange, accounting for over 60% of all UK mortgage transactions, include: Alliance & Leicester, Furness, Royal Bank of Scotland, Bank of Scotland, Halifax, Standard Life Bank, Chelsea Building Society, Hinckley & Rugby, The Mortgage Business, Cheltenham & Gloucester, Nationwide, The Woolwich, Clydesdale, NatWest, Tipton & Coseley, Coventry, Northern Rock, UCB Homeloans
Additional lenders that are committed to the Mortgage Trading Exchange are: Accord, GMAC Residential Funding, SPML, Bank of Ireland, Norwich & Peterborough, Stroud and Swindon, Derbyshire, Portman Building Society, The One Account, First Active, Scottish Widows Bank, West Bromwich Building Society
