Both companies have planned the integration in detail, which will take place in October in time for the FSA regulation, when an estimated 3,500 mortgageLink users will be able to benefit from trading electronically with the UK’s leading lenders.
Launched in August last year, the Mortgage Trading Exchange has already seen transaction volumes exceed £5 billion in a matter of months, and following a host of new lenders committing to the Mortgage Trading Exchange it is now supported by lenders who account for 80% of all mortgages transacted in the UK.
Mark Lofthouse, Chief Executive Officer, Mortgage Brain, commented: “The driving force behind the Mortgage Trading Exchange has always been partnership to deliver a fast, efficient service for intermediaries to transact mortgage business with lenders more efficiently through technology. We are delighted that Network Data has exclusively selected the Mortgage Trading Exchange as its mortgage trading platform partner. Not only do we have critical mass on the lender side but well in excess of a staggering 30,000 intermediaries will soon be able to submit, transact and administer their mortgage business using the Mortgage Trading Exchange.”
Richard Griffiths, Managing Director, Network Data, added “As one of the largest mortgage networks, we are committed to providing our ARs with the best software tools enabling them to operate in an efficient and profitable manner. The Mortgage Trading Exchange adds to this efficiency by cutting down on paperwork and provides a speedier response from the lenders supporting MTE. Our ARs can maximise their time spent with clients and arrange the mortgage in the shortest possible time”
Lenders currently trading on the Mortgage Trading Exchange are as follows:
Alliance & Leicester
Bank of Scotland
Coventry Building Society
Halifax
Nationwide
NatWest
Northern Rock
Royal Bank of Scotland
The One Account
The Woolwich
UCB Homeloans
Accord
BM Solutions
Chelsea Building Society
Cheltenham & Gloucester
Derbyshire
First Active
Furness Building Society
GMAC Residential Funding
Hinckly & Rugby Building Society
Additional lenders committed to the Mortgage Trading Exchange are:
National Australia Group
Norwich & Peterborough
Portman Building Society
Scottish Widows Bank
SPML
Standard Life Bank
The Mortgage Business
Tipton & Coseley
West Bromwich Building Society
