Norwich and Peterborough and Scottish Widows have become the latest lenders to accept mortgage business electronically via the Mortgage Trading Exchange.
The two lenders, responsible for about 70% of all mortgage business in the UK, are now live on the MTE.
Following the recent launch of the MTE standalone every introducer in the UK is now able to transact mortgage business, in a similar way and from one place, with 20 lenders who account for the majority of mortgages sold in the UK.
Mark Lofthouse, CEO of the MTE, says: “The success of the MTE is phenomenal – since its launch it has been wholeheartedly embraced by lenders and introducers alike. It is currently being used by thousands of introducers who send over 3,000 transactions per week to lenders, representing around 20bn worth of mortgages per year.
“With the addition of N&P, Scottish Widows and the fact that the platform is now available to every introducer in the UK, the benefits are being realised by more and more introducers and lenders every day.”
Stewart Hunter, head of introduced mortgages at N&P, says: “We are delighted to be live on the MTE, which makes electronic trading with N&P products available to thousands of introducers.
“We are expecting to see a substantial shift away from paper based applications to electronic as the benefits of the fast and efficient ‘right first time’ process are realised by all concerned.”
Lenders currently live on the MTE account for about 70% of mortgages placed in the UK by intermediaries, include Alliance & Leicester, Halifax, Scottish Widows Bank, Bank of Scotland, Hinckley & Rugby, Standard Life Bank, Chelsea, Nationwide, The Mortgage Business, Cheltenham & Gloucester, NatWest, The Woolwich, Clydesdale, Northern Rock, Tipton & Coseley, Coventry, Norwich and Peterborough, UCB Homeloans, Furness and the Royal Bank of Scotland.