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More lenders look to join Mortgage Trading Exchange

Software provider Mortgage Brain says it has signed up three further lenders to its proposed electronic trading platform Mortgage Trading Exchange.

It is unable to disclose the identity of the lenders but says they are joining the ranks of around 20 lenders in talks with the company with a view to operating through MTE.

The service is aiming to go head to head with rival IFonline from its launch this October. Mortgage Brain hopes to have more than 50 lenders on board shortly after the launch date.

MTE is designed to provide intermediaries with lenders&#39 own application forms onscreen, enabling them to return the forms direct to the lender.

The system will automatically populate essential parts of the application form and enables quick movement to the next appropriate section.

The software company is initially launching to its 15,000-strong intermediary client base. The service will be available free of charge to brokers, while lenders will be charged £1 per application.

The software needed by brokers to send and receive applications will be downloadable free from after the launch.

Sales director Mike Green says: “The MTE team is busy working with a large number of lenders to establish their electronic receivers and output the data to be compatible with their individual systems and develop lenders&#39 own application forms.”


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