Software provider Mortgage Brain says it is near to signing deals with several major lend-ers to create a “mutual” mortgage trading platform which the lenders will own and control.
A previous cross-industry initiative, co-ordinated by the CML, failed to get off the ground.
Director Mike Green says he is negotiating over the stake each can buy in the platform in relation to their market share. He hopes to have thrashed out final details within two months.
Mortgage Brain will operate the sourcing software but all profits will be distributed to “partner” lenders.
The debate over which platform will capture the major lenders has been raging for several months between software providers including Assureweb, Mortgage 2000 and IFonline.
Green believes the mutual proposition will be the deciding factor for lenders.
He says forthcoming FSA regulations to make lenders responsible for broker disclosure will be impossible to implement without a single platform through which lenders can control product information.