This latest announcement means that introducers using the MTE can now send mortgage applications and/or agreements in principle (AIPs) to lenders accounting for over 60% of all mortgages transacted in the UK. With more lenders due to ‘go live’ over the coming months, introducers will be able to trade electronically with committed lenders now accounting for over 80% of all mortgages.
Cheltenham & Gloucester's Sales Director, Nick Hale, comments; “We are pleased to be working in partnership with Mortgage Brain to deliver an on-line capability for introducers to be able to submit applications and AIPs through the Mortgage Trading Exchange. This delivery is a key part of our ‘electronic’ plans going forward in 2005 and is yet another example of C&G's continued commitment to providing the best possible service for intermediaries."
Commenting on the announcement, Mark Lofthouse, CEO, Mortgage Brain said, “We are delighted to welcome Cheltenham & Gloucester as the latest lender to go live on the MTE. The MTE has been wholeheartedly embraced by lenders and introducers alike. The addition of a major mortgage lender like Cheltenham & Gloucester further confirms our position as the market leading supplier of electronic trading, mortgage sourcing and compliance solutions in the UK.”
Launched in 2003, the Mortgage Trading Exchange moved into full production in the first quarter of 2004, and has already seen annualised transaction volumes exceed £10 billion with thousands of introducers and Lenders now realising the benefits of trading electronically.
The following lenders are live or in pilot on the Mortgage Trading Exchange:
· Alliance & Leicester · NatWest
· Bank of Scotland · Northern Rock
· Chelsea · Royal Bank of Scotland
· Cheltenham & Gloucester · Tipton & Coseley
· Coventry · The Mortgage Business
· Halifax · The OneAccount
· Hinckley & Rugby · The Woolwich
· M2000/1st Source · UCB
· Nationwide
The following lenders are committed to the Mortgage Trading Exchange
· Accord · National Australia Group
· Bank of Ireland Mortgages · Norwich & Peterborough Building Society
· BM Solutions · Portman Building Society
· Derbyshire · Scottish Widows Bank
· First Active · SPML
· Furness Building Society · Standard Life Bank
· GMAC Residential Funding · West Bromwich Building Society
