The Association of Expert Mortgage Advisors (AEMA), which accounts for nearly 50% of all mortgage broker business in Ireland, is adopting the Mortgage Trading Exchange (MTE).

The move is part of AEMA’s initiative to target some of the €12 million in cost savings over the next four years that it believes the Irish broker and lender industry could achieve if all adopted an industrywide online mortgage submission platform.

Developed by Mortgage Brain, the MTE allows brokers and lenders to complete, submit, track and administer AIPs and Full Applications online. It offers brokers decisions direct from multiple lenders without the need to re-key information.

Trevor Grant, chairman of AEMA, said: “We have identified the urgent need to migrate to a digital process and in doing so, drive more efficiencies and improved levels of customer service in our business.

“We have now acted by selecting Mortgage Brain as our etrading partner to enable all of our members to use MTE to submit applications and supporting documents online to all lenders in Ireland in conjunction with their own individual CRM systems.”

Mark Lofthouse, CEO of Mortgage Brain, added: “Irish brokers are clearly embracing the use of mortgage technology. The estimated €12 million in savings that the Irish mortgage industry can make by adopting MTE is incredibly significant.

“Mortgage Brain has already proven that an industry solution such as MTE delivers a better broker and lender service at a lower overall cost and we’re looking forward to supporting the Irish market to achieve these substantial gains.”