Mortgage Express, the specialist lending arm of the Bradford & Bingley group, has announced intermediaries using its 'Online Services' have submitted decisions in principle (DIP) with a value exceeding £1billion so far this year.
Online Services, which launched to the market in February this year, enables intermediaries to submit applications online, track the status of cases in real time and obtain fully credit scored decisions in principle in minutes.
The service is delivered through the ECROS e-commerce platform that was developed jointly by Mortgage Express and Alltel Mortgage Solutions.
Charles Johnson, e-commerce relationship manager, Mortgage Express, says the success shows that intermediaries are already seeing real benefits from trading electronically.
"Online volumes are increasing week by week and we are expecting further growth as we continue to rollout services to our intermediary partners," adds Johnson.