Mortgage Brain Ireland has partnered with fintech specialist, Mutual Vision Technology, for the development and distribution of a new mortgage lending platform for mortgage advisors in the Republic of Ireland. The timely arrangement is set to support future market growth and both companies are jointly in discussions with prospective lenders in the Irish Market.
Mortgage Brain’s Mortgage Trading Exchange (MTE), will be integrated into Mutual Vision’s core solution allowing lenders in Ireland to achieve a wide broker distribution and a faster time to market. The joint platform will enable lenders to originate new loans through brokers and manage the underwriting and loan servicing in one end-to-end solution.
George Webb, CEO of Mutual Vision spoke of the arrangement “We have selected Mortgage Brain Ireland because it is the most used and preferred electronic trading software in the UK and Irish markets. Their Mortgage Trading Exchange (mte) allows brokers to do business with lenders electronically and all from one place – the broker’s own desktop. The deep distribution capability in Ireland means that a lender can access the broker market very quickly and ramp-up loan volume.”
Currently Mortgage Brain Ireland has more than 140 broker companies with over 300 individual mortgage advisors using the software. To date there have been over two million transactions processed by Mortgage Trading Exchange in the UK and Ireland since its launch. MTE allows both brokers and participating lenders to efficiently send, track and administer mortgage applications and related documents electronically. The system provides a single point of integration to all lender platforms. The savings stem from the fact that lenders need only integrate MTE once to their back office, rather than having to build and maintain multiple bridges to the systems of different broking firms.
Mark Lofthouse, CEO of Mortgage Brain commented “We believe that the Irish mortgage market is set for steady growth, particularly as housing supply is set to see a significant increase. Ireland is a natural market for us and we want to be ready for the anticipated entry of new lenders over the next few years.”
Speaking about the announcement, Michael Quinn, Manging Director of Mortgage Brain Ireland said. “It will be great to expand our product offering along the value chain and provide an integrated end to end platform to both bank and non-bank customers. We look forward to working with Mutual Vision to bring more affordable innovation into Ireland and find new ways to overcome IT legacy issues which tend to hinder innovation.”