MTE processes over 200,000 mortgage applications in 2010
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Figures released today from the Mortgage Trading Exchange show that 200,663 mortgage transactions were processed via the platform during 2010.
This represents an 8% increase compared to 2009, when 186,413 transactions were processed throughout the year.
The first half of 2010 played host to the peak month of the year with March 2010 witnessing the highest point when 20,645 mortgage transactions were processed – the highest monthly figure since February 2008.
Mark Lofthouse, chief executive office of The Mortgage Trading Exchange, says: “These figures clearly demonstrate the business value derived by brokers who use the mte.
“There’s no doubt that 2009 was a difficult and challenging year for intermediaries but to see an eight per cent increase in mortgage transactions processed via the mte is another clear example of the positive moves that have been made over the past 12 months in a declining market.”
MTE provides an industry-wide means of requesting AIPs and submitting and tracking full applications between intermediaries and lenders.
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Readers' comments (1)
James Redfirn | 29 Jan 2011 8:39 am
200,663 sounds impressive. but I'd guess that in reality doesn't equate to many applications as all my advisers and other firms I know of near me don't use mte for applications.
We all use the lenders websites!
mte is great for Agreements in Principle, getting KFIs but again we can use the lenders sites.
I presume the lenders pay mte for having these links and there's some sort of transaction fee arrangement. Personally I’d prefer those costs to be reflected in the pricing of the lenders products or even better for the lender to consider relaxing some of the current stringent lending policies.
Is mte a luxury lenders can do without, we all need (and have) to make savings, time to pass these costs onto the borrower?
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