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N&P signs up with Brain

Norwich & Peterborough has become the first lender to sign up to

electronic common trading platform Mortgage Brain since its acquisition by

a consortium of major lenders.

The move means N&P will now be able to accept mortgage applications

electronically but says it has no plans to buy equity in the platform.

Mortgage Brain is owned by rivals Halifax, Nationwide and Alliance &

Leicester who joined forces to buy a majority share to establish an

industry-standard platform.

Mortgage Brain is working with N&P to set up its systems and applications

forms.

N&P mortgage project development manager Stephen Mulley says: “This

facility will improve our underwriting service and provide real benefit to

our intermediaries and their clients.”

Mortgage Brain director Mike Green says: “This announcement should only

strengthen our previous message that the platform will remain independent

and that we are encouraging lenders to partake in the future of electronic

trading.”

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