The Mortgage Trading Exchange has finished piloting and has gone live with the Zurich Advice Network (ZAN). The common trading platform, from sourcing systems Mortgage Brain and Mortgage 2000, is still in trials with other intermediary groups and ZAN’s 3,000 members are the first of a systematic roll out from the two sourcing platforms.
Mark Lofthouse, managing director of Mortgage Brain, admitted the system was up and running with ZAN, and said: ‘We spent a significant period developing and testing the ‘Exchange prior to roll out. The latest release of Mortgage Brain introduced the software and a significant number of transactions have been processed over the pilot phase. We are now moving to a systematic introduction on a lender-by-lender basis.’
At present, the system is only live with three lenders, the Halifax, Alliance & Leicester and Nationwide. Although Mortgage Brain and Mortgage 2000 developed the Exchange together they are not jointly running the pilot schemes together and will, therefore, be introducing the ‘Exchange to the market separately.
Sean Hornsby, sales and marketing director at Mortgage 2000, said: ‘We are in the process of putting together the roll out at the end of our own trials shortly. The ‘Trading Exchange is on our system and we have met with lenders to decide in what order we go live. Over the next few months, there will be a slow introduction to the market, done purely on the basis of managing expectations and volumes.’