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Brain and Exchange strike up an alliance

Mortgage Brain and The Exchange have formed a strategic alliance which they say brings together the two leading point-of-sale and trading platforms in the life and pension and mortgage markets.

The agreement means that The Exchange&#39s 18,000 users will have access to Mortgage Brain&#39s mortgage sourcing and electronic trading service while Mortgage Brain&#39s 18,000 users will be able to access The Exchange&#39s quotation and new business services.

Client and quotation information will be automatically transferred between the two companies.

The move effectively means that The Exchange, owned by Marlborough Stirling, is pulling out of the mortgage sourcing market as its customers will now have access t o Mortgage Brain&#39s services.

The companies say the alliance comes at an apposite time as, with the advent of mortgage regulation, the needs of mortgage intermediaries are starting to converge with the needs of regulated IFAs.

Mortgage Brain chief executive Mark Lofthouse says: “Combining the strengths of our respective products offers mortgage intermediaries and IFAs maximum business benefit so that they can provide the best service possible to their clients. Efficiency improvements mean that more business can be generated and processed in a compliant manner in a shorter period of time.”

The Exchange managing director Sue Summers says: “Against a backdrop of regulatory, commercial and technological change, this alliance will deliver significant benefits to the mortgage market at a time when innovation is key to success.

“By choosing Mortgage Brain as our first partner for integration with Exweb these arrangements build on the experience of the two leading platforms in the financial services market and are set to add value to the businesses of a significant proportion of the intermediary market.”

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