You are here: Home - News -

The Exchange offers mortgage market scheme

by: By Edward Murray
  • 03/11/2003
  • 0
Financial technology provider The Exchange has launched an electronic trading portal for non-regulat...

Financial technology provider The Exchange has launched an electronic trading portal for non-regulated products including mortgages, protection and general insurance.

The move is aimed to cater for clients that are increasingly attracting brokers dealing in the insurance and mortgage markets who want a single system that can work across all products, according to Stuart Mcphee, strategic director at The Exchange.

Exweb Broker will be a distilled version of the full Exweb service, which provides for the regulated personal finance markets. Currently there are 13 providers signed up to provide mortgage protection and general insurance, with a link through to the Mortgage Brain and The Trading Exchange to facilitate mortgage business.

For existing Exweb users, Exweb Broker will cost £7.50 per license per month. For those without Exweb, it is £14 a month for the insurance quotes, and £24 a month for the full mortgage package.

As long as providers can take business electronically, Exweb Broker will allow brokers to do so, and will pre-populate client information across the different product categories available.

On top of the products available, Exweb Broker will offer research, conveyancing, and credit checking as well as a directory of companies.

David Child, chief operating officer of The Exchange, said: “Our aim is to capture a large share of the non-regulated market and provide a long-term, market-leading solution for brokers and intermediaries. Exweb Broker will enable them to quickly and easily research quotes and buy non-regulated products and our coverage of products will be the most comprehensive available.”

Chris Fleetwood, managing director of Paradigm, said The Exchange’s profile in the mortgage broking market was lower than it could be. He said: “If they have had success providing solutions to IFAs then it makes sense to bolt on non-regulated business.” However, Fleetwood said competition would be fierce and added: “All the major sourcing systems offer general insurance and non regulated add ons in their propositions.”

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:
Stand up and be counted

The industry's leading roadshow for mortgage inter-mediaries, The Mortgage Event, has again proved a...

Close