Derbyshire signs up to mte

Ramesh Sharma

April 1, 2006

The lender will now accept electronic key facts illustrations (KFIs), applications-in-principle (AIPs) and full applications through the trading platform, meaning brokers have access to the Derbyshire’s products and services in one place.

Tony Capon, head of intermediary support and development at the Derbyshire, said: “It is clear the industry is rapidly moving away from paper-based applications to electronic, and we see the mte as the perfect solution to enable mortgage introducers to be able to trade electronically with the Derbyshire.

“The associated efficiencies and improved customer service offered by working electronically through mte, together with the ability to easily deliver Derbyshire-produced KFIs, is self evident to all parties involved.”

The Derbyshire, which completed £1,390m in gross mortgage lending in 2005 has become the 21st lender to agree a deal with mte, which currently processes around 5,000 mortgage transactions per week.

Mark Lofthouse, CEO of mte, said: “Since its launch, mte’s use by brokers and the number of lenders going live has increased at an astonishing pace. Over £30 billion worth of mortgages per year are currently being transacted via the platform representing around 15 per cent of all mortgages placed by brokers.”

Coupled with the Derbyshire partnership, Solent Mortgage Services has also launched its generic application form on mte.

The deal between mte and Solent highlights the increasing importance of electronic trading in the packaging market, with brokers able to send applications through mte to Solents’ branded lenders.

Ian Balfour, sales and marketing director at Solent, said: “This is a partnership which brings benefits to everyone involved in the mortgage process. Brokers will see faster times to offer and completion as well as access to the widest possible range of products, their clients are going to be impressed by the enhanced professionalism and lenders will reduce their origination costs.”

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