MTE lender availability grows to over 60 per cent of the market as C&G goes 'live'

Amanda Jarvis

January 20, 2005

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

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