The integration of mortgageLink and mte is available now and allows mortgageLink users to be able to benefit from trading electronically with the UK’s leading lenders through mte.
mte is currently used by thousands of intermediaries who are completing over 3,000 transactions each week, representing approximately £20 billion of mortgages per year. Following a host of new lenders committing and integrating with mte, lenders who account for over 60 per cent of all mortgages transacted in the UK are now live.
Mark Lofthouse, chief executive officer of the Mortgage Trading Exchange, commented: “The driving force behind mte has always been partnership to deliver a fast and efficient service for intermediaries to transact mortgage business with lenders more efficiently through technology. We are delighted that Network Data has exclusively selected mte as its mortgage trading platform partner. Intermediaries using Network Data’s mortgageLink system will now be able to submit, transact and administer their mortgage business using the Mortgage Trading Exchange.”
Richard Griffiths, Network Data’s managing director, added: “We are committed to providing our Appointed Representatives and Directly Authorised Users with the best software tools to enable them to operate in the most efficient and profitable manner.The Mortgage Trading Exchange is the only common trading platform for e-commerce between intermediaries and lenders and adds to this efficiency by ensuring that applications are delivered right first time and eliminating the slow process of paper based applications.
“The speed and efficiency of mte is incredible, our mortgageLink users can now submit applications and expect a near immediate response, and in the case of AIPs, receive a lending decision within a minute, allowing them to maximise their time spent with clients and arrange the mortgage in the shortest possible time.”
Lenders currently live on the Mortgage Trading Exchange account for circa 70 per cent of mortgages placed in the UK by intermediaries, include:
Alliance & Leicester Halifax Scottish Widows Bank
Bank of Scotland Hinckley & Rugby Standard Life Bank
Chelsea Building Society Nationwide The Mortgage Business
Cheltenham & Gloucester NatWest The Woolwich
Clydesdale Northern Rock Tipton & Coseley
Coventry Norwich & Peterborough UCB Homeloans
Furness Royal Bank of Scotland
