Mortgage Brain has announced it has completed the first live transaction on Lendex, its new multi-lender application and submission gateway.
The transaction was placed by Mortgage Advice Agency, who used Lendex for a live application with Coventry Building Society.
Mortgage Brain called the transaction a ‘key milestone in the development and delivery of Lendex,’ with its phased launch due in 2020, following a successful pilot.
Mortgage Brain CEO, Mark Lofthouse, commented: “We are delighted to have completed the first of what we anticipate to be many tens of thousands of transactions on Lendex over the next year.
“It is an important milestone and we remain on track to launch this brand-new platform that will transform the decisioning and application process at no costs to advisers in 2020.”
Lendex is part of Mortgage Brain’s drive to ‘digitally enhance the mortgage process,’ and the software company suggested it can provide an unrivalled level of direct access to lenders.
Through Lendex, Mortgage Brain will also offer APIs on behalf of participating lenders.
Coventry Building Society director of intermediaries, Kevin Purvey, added: “We are very proud to be able to facilitate the first transaction in Lendex. This digital gateway is a key component of our strategy to adopt and use new technologies that support intermediaries. The industry as a whole will benefit from the increased efficiency provided by Lendex.”
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