Thousands of introducers now use the Mortgage Trading Exchange (MTE) on a daily basis to electronically submit mortgage applications and AIPs, direct to lenders accounting for over 60% of all mortgage transactions in the UK. As more lenders go ‘live’ over the coming months, introducers will then be able to trade electronically with lenders accounting for over 80% of mortgages sold in the UK.
Russell Clark from Andrews Estate Agents submitted the first case, an AIP to Nationwide, in August 2003 following the launch of the MTE and Lucy Cleaver from Connells submitted the 100,000th case on Monday June 13th, a full application to the Coventry Building Society.
David Livesey, Managing Director at Connells comments “The idea of a common trading platform three years ago was simply that, an idea. Today our business is benefiting from being able to trade electronically with many lenders from one place, the MTE. Making the MTE the reality it is today cannot have been an easy job, and Jane submitting the 100,000th transaction is a historic moment; well done to all.”
Mark Lofthouse, CEO, Mortgage Brain said, “To see transaction volumes break through the 100,000 level is remarkable, and is a credit to mortgage introducers. Thousands of brokers are now realising the benefits of the MTE and are sharing in the e-trading advancements enabling them to provide an even better service to their clients. The level of transactions is running at circa 3,000 every week, and rising.”
He added, “With connectivity to 18 lenders, accounting for over 60% of mortgages sold in the UK, there is no other service that provides introducers with this level of access to lenders in a clear and consistent manner from a single source.”
