The Mortgage Trading Exchange (mte), in association with Mortgage Strategy, has launched a nationwide competition where a trip for two to New York can be won for the intermediary who processes the 500,000th transaction via the platform. At present, the mte, the industry’s only true common trading platform has processed over 450,000 transactions since its launch. By looking at future transaction forecasts, analysts at mte predict that the 500,000th transaction will be processed at some point in January. To mark such a land mark figure, the mte has decided to run a competition where a long weekend for two in New York can be won, including flights, accommodation and £500 spending money, by the intermediary who processes the ‘Golden Transaction’ – be it a KFI, AIP or Full Application. Mark Lofthouse, CEO of the Mortgage Trading Exchange, comments, “With the widespread adoption and rapidly growing use of the mte and a weekend for two in New York up for grabs, we’re expecting ‘mte transaction fever’ to hit the mortgage industry over the next few weeks. “Current forecasts show that the ‘Golden Transaction’ will be processed during January but we’ve seen transaction levels increase at a rate of knots over the last couple of months so it could happen sooner.” “There will be regular updates on transaction numbers”, adds Mark, “but my advice to those who fancy a trip to New York next year is to make sure that the mte is used from now on when submitting KFIs, AIPs, and Full Applications.” Over the last six months the mte has seen a 121% increase in mortgage transactions. With its market coverage via 27 lenders and packagers, the platform is being used to process over £35 billion worth of mortgages per year (circa 15-20 per cent of all mortgages placed by intermediaries in the
UK).
You have done it again. Superb read.