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MEX gives e-access to offers

MEX says its system differs from other lenders&#39 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.

&#39&#39Once 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&#39s case summary to view the mortgage offer.&#39&#39 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&#39s 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&#39 virtual mortgage offer is subject only to valuation and is available in one minute.”

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