Chelsea highlights electronic trading importance

Ramesh Sharma

April 22, 2006

The Society has been live on mte since March 2005 and it pointed to the success of its move onto the platform as proof of the importance of electronic trading to the mortgage industry.

Tom Gurrie, assistant general manager of intermediary sales at Chelsea, said: “We see electronic trading as one of the most exciting developments in the mortgage industry and mte, we believe, is the perfect solution to enable intermediaries to be able to trade electronically with the Chelsea.

“It has been widely accepted that the majority of mortgage business will soon be processed in this way and we’re delighted to have all of the latest systems in place and are providing a fast, efficient and professional service to mortgage intermediaries and their customers.”

Figures from mte said £30m of mortgage business is now being processed per year through the platform, around 15 per cent of intermediary mortgage business placed in the UK.

Mark Lofthouse, chief executive officer at mte, commented: “To see so many mortgages being processed through mte by the Chelsea Building Society is fantastic and testament to the platforms true capabilities and the industry’s adoption of electronic trading.”

David Mead, director of Flexible-mortgages.net, commented: “We do around 95 per cent of our business electronically so for us, electronic trading is absolutely vital. Before, you would have to put in all the information three or four times so to work with all the data through one factfind helps save time and money and makes the whole mortgage sourcing process more efficient. I would say we choose to work through mortgage providers who offer electronic trading and steer clear of those that don’t.”

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