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Accreditation symbol for MTE service users

Common trading platform the Mortgage Trading Exchange, set up last month in a joint initiative between Mortgage 2000 and Mortgage Brain, has unveiled an accreditation symbol for providers using the service.

It says the symbol is intended to give intermediaries a clear and visible means of identifying companies which are committed to trading electronically through MTE.

MTE claims that following the agreement between MB and M2000, over 60 per cent of the mortgage intermediary market will now have a visual endorsement from a number of lenders accounting for over 70 per cent of the mort-gage market.

To use the accreditation symbol, a company or lender must apply to the MTE and receive written approval confirming their usage. Initially, 50 lenders, currently partners of MB or M2000, will be eligible to display the symbol.

MB chief executive Mark Lofthouse says: “The MTE accreditation has been introduced in order to promote continuous improvement and development in the quality and efficiency of common trading platforms. Whenever intermediaries see the MTE accreditation symbol they will know that particular company is committed to the MTE.”

M2000 sales and marketing director Sean Hornsby says: “M2 will use the new MTE accreditation symbol as a clear indication of our commitment to the production of an industry standard electronic trading mechanism which will benefit the entire mortgage industry.”

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