Electronic trading transactions on the rise

Angela Faherty

June 10, 2006

With the market in general making enhancements to various online facilities, mte confirmed it was processing in excess of 28,500 transactions a month, rising from 16,000 in January.

Mark Lofthouse, CEO of mte, said: “Brokers have gone through compliance and they are finding it faster and more efficient to submit applications electronically. We have more lenders integrating with the system, which helps volume, but also lenders all have different systems and mte offers a common platform so intermediaries don’t have to know about lots of different systems.”

mte also confirmed it is involved in approximately 18 per cent of all mortgages sold per month by introducers.

The system recently completed its 250,000th application since its launch and aimed to complete 330,000 applications by December.

David Mead, director of Flexible-mortgage.net, said brokers would have to embrace technology.

He said: “It is interesting how the market has evolved in the last two or three years from a paper application approach. Now most lenders have some form of online application system. If you have a way of getting an application onto the underwriters desk faster, that’s better as they can make the decision quicker, which benefits the end client.

“We are big advocates of electronic trading and are constantly looking to improve our system.”

Mike Fitzgerald, sales director at Brentchase Financial Services, added: “We are doing more online business with lenders and I can see the day when paper-based applications will be the exception. Online technology allows people to work weekends and after-hours so it puts more flexibility into the intermediary’s game.”

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