Mortgage 2000 has launched Encore, its next generation sourcing system, which is fully integrated, with the Mortgage Trading Exchange (MTE).
The link with the MTE will enable intermediaries to trade electronically with a total of 38 lenders once they have sourced the product they need from the Encore sourcing system.
Mortgage 2000 will still support its existing sourcing system, although expects to phase it out after Mortgage Day. Sean Hornsby, sales and marketing director at Mortgage 2000, said existing users would not be charged to move across to the Encore system, which brokers could implement themselves from a CD ROM. He added existing users would also be able to transfer all their stored data to the Encore system. Users will have their own data stored locally as well as being stored as part of a centralised database containing all user information, as way of a back up.
Hornsby said Encore had been designed with regulation in mind, and included features such as time and date stamping of information so that detailed records of when and what had been said to clients were automatically held on the system.
Encore has been designed with flexibility in mind, according to Hornsby, who said further features would be added to the system as more regulatory requirements emerged, and inhouse developments were completed. He said these would patch onto the system automatically when intermediaries dialled into the online data centre for their product updates.
For single intermediaries the system will cost £23 a month, with corporate rates available for those firms with a greater number of users.
Hornsby said: ‘This is just the first phase of what we will offer our current and new subscribers on our new sourcing system… With more lenders coming on board our subscribers will soon be able to trade electronically with over 70% of the mortgage market.’