TMW poised to launch its e-trading platform in 2006

The Mortgage Works is to launch an electronic trading platform in 2006.

The Portman subsidiary says it wants to create an efficient online business channel that will enhance its existing business proposition.

Paul Howard, director of intermediary sales at TMW, says it expects the launch to come in the second quarter of next year.

The company’s aim is to create a platform that is finely tailored to its market and TMW is currently gathering feedback from intermediaries in order to determine the sector’s requirements for the finalised system.

Howard says: “We recognise that there is a requirement for an online trading platform within our business mix. We are therefore working with our target audience to ensure that our business offering meets their expectations.

“We expect to offer our comprehensive product range online and brokers will be able to access, apply, and monitor their applications electronically.

He adds: “Several brokers have told us that an offline facility would be important to them so we expect to include this within the final system.

“Nevertheless, we recognise that some applications do not lend themselves to electronic processing and we will therefore continue to accept both paper and electronic applications once the system is launched.”

Jeff Knight, head of marketing services at GMAC-RFC says that the electronic trading platform will be good for TMW, and will work well for the company in the same way that GMAC-RFC’s online system has proved successful for it.

Knight says: “Technology has changed the industry more than regulation. In fact, I’m surprised someone as big as the TMW has not already got an electronic platform in place.

“Technology has really increased our business without having an adverse effect on our service.”