MEX says its system differs from other lenders' in that it generates an electronic offer the instant a case is offered, saving intermediaries from having to wait days for a mortgage offer to arrive in the post.
Following a pilot with packagers and brokers, electronic offers will be made widely available in the coming weeks.
The electronic offer is available in PDF format, which MEX says ensures a controlled, branded and legally binding offer letter ready for use by intermediaries.
Tim Sturley, head of business development at MEX, says: “We are continually working toward making the application process faster and more efficient.
“This initiative is a perfect example of a tangible benefit accruing to intermediaries doing business online.
''Once MEX decides to make a formal mortgage offer the broker will instantly be informed by email. Then all the broker has to do is access the individual customer's case summary to view the mortgage offer.'' Greg Simmons, mortgage broker at Index Financial Services which has piloted the system, says: ” The fact that I can now access a formal mortgage offer electronically, not just a decision in principle, is fantastic.”
But Alan Cleary, head of sales at Birmingham Midshires, says: “While MEX's development looks interesting it is only as good as its processing, so if it takes a long time to get to offer in the first place this will be a hollow proposition that adds little value.
“BM Solutions' virtual mortgage offer is subject only to valuation and is available in one minute.”