You are here: Home - News -

The Exchange adds non-standard packaging arm to Exweb portal

by:
  • 31/01/2003
  • 0
The Exchange aims to tap into the non-conforming market with a new packaging component

Mortgage software services provider, The Exchange, is to add to its offering with the launch of a non-conforming mortgage packaging service on its Exweb portal.

The announcement comes at a time when many packagers are branching out into new areas such as technology and branded lending, in a bid to remain competitive.

Exweb Mortgage Packaging has been set up in conjunction with Marlborough Stirling Mortgage Services, the mortgage outsourcing company owned by The Exchange’s parent company, Marlborough Stirling.

The service will be open to users of the Exweb sourcing system who may not be able to place a mortgage through the 130 lenders already on the system. For non-conforming cases, mortgage advisers will be able to follow a link to the packaging service, or use a telephone-based mortgage placement desk for even more complex cases.

The new packaging component will offer advisers access to a panel of 12 lenders offering a range of non-conforming products ‘ including a number of exclusives ‘ such as sub-prime, self-certification and buy to let.

Sue Summers, managing director of The Exchange, said: ‘By specialising in the non-conforming sector, this packaging service will offer excellent value to an intermediary’s business. The straightforward cases are easy to place and do not present intermediaries with problems. It is the more complex cases that intermediaries need assistance with and it will add value by helping them place these cases quickly and efficiently.’

The Exch-ange is hoping the move will allow it to share in the lucrative non-standard market, estimated to be worth around £15bn, according to the latest report from market analyst, Datamonitor.

The addition of a packaging arm to its sourcing system is similar to Mortgage 2000, which has 14 lenders on its own packaging service, Mortgage 2000 Design & Processing. Sean Hornsby, sales and marketing director of Mortgage 2000,, warned competition among packagers was fierce and it was not easy to break into this market.

He said: ‘The Exchange will be competing with a lot of firmly established non-conforming packagers, but if it can persuade users to put non-conforming cases through its packager, it is creating a good revenue stream.’

However, Charles Ansdell, technical manager at intermediary firm Inter Alliance, is unsure whether such offerings will become popular.

He said: ‘As regulation increases, profit margins will fall, and companies that specialise will do better than those who try to offer everything.’


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
ABI to revise its best practise statement

The Association of British Insurers (ABI) has entered into a consultation exercise with the Financia...

Close