Rate Shock analysis capability available on ALL NEW MortgageBrain

Mortgage Brain, the multi-award winning mortgage technology solutions provider, has developed and launched a unique Rate Shock analysis capability to enable brokers to instantly identify the effect of rate increases.

The new development is in line with the FCA’s MMR affordability guidelines, encompassing the potential ‘1% rate rise effect’ scenario, and sees Mortgage Brain become the first sourcing system provider to offer this service.

Available on the latest version of ALL NEW MortgageBrain, the new Rate Shock analysis capability features a warning triangle to indicate that the borrower may not be able to afford a mortgage if rates rise by up to 3% in the next five years for every selected mortgage product

Click here to read more.

@PanaceaAdviser launches industry ‘Top Tweeter’ Awards

2014 is proving to be a breakthrough year for financial services engaging with Twitter.

As Panacea has been quite active and successful in this space for a few years now, and have a good community that we regularly communicate with, we feel like we are in a good position to raise awareness to newcomers on who are the ones to watch.

Consequently we are delighted to launch the Panacea Adviser 2014 Top Tweeter Awards, to find the most influential tweeters in our business.

Visit http://www.PanaceaAdviser.com/TopTweeter or make nominations by Tweeting @PanaceaAdviser the name of the person you are nominating, their category and include #PanTweets14

Mortgage rates fluctuate during first quarter of 2014

Mortgage rates have seen mixed movement during the first three months of 2014, according to figures released today from Mortgage Brain’s quarterly product data analysis.

The lowest rate two year Tracker with a 90% LTV has performed the best since the start of the year, witnessing a 31% rate drop from 3.59% in January to 2.49% as of 1st April 2014. The interest rate for the same product with a 60% LTV ratio also dropped during the past three months – down 12% from 1.69% to 1.49%.

By contrast, however, the lowest interest rate for a five year Tracker with a 60% LTV has increased by 50% since January 2014 (up from 1.99% to 2.99%), and the lowest rate 90% Tracker increased (by 3%) from 3.54% to 3.65%.

Click here to read more.

Financial Reporter Awards 2014 ‘Best Sourcing System’ winner.

We won! Financial Reporter Awards 2014 announced today that Mortgage Brain has won ‘Best Sourcing System’.

We would like to say a huge thank you to everyone who voted for us. The Financial Reporter Awards 2014 winners are purely from votes, no judges.

Suzanne Green, Head of Marketing at Mortgage Brain commented, “We’re pleased to win the Financial Reporter Awards 2014 as ‘Best Sourcing System’, our team work hard to continuously deliver to a high standard. Thank you to everyone who voted for us.”

Click here to read more.

The Key – Big on compliance and small on admin

The Key has a solid reputation for being big on compliance and small on admin. So, if you’re one of the reported 34%* concerned about additional admin post MMR, the Key is the back office compliance solution made for you.
1,000s of Advisers have already downloaded ‘the Key‘ to reduce admin and manage their business with a compliant audit trail. With encrypted online backup, you know you’re completely covered.

Call Chris Brown on 07876 717912 or our Sales Support team on 0871 384 0194 for more information or download ‘the Key’ and take advantage of the 30 Day FREE trial.

*Intelliflo study March 2014.

Congratulations to Mark Grainger of Grainger Financial Management Limited

Congratulations to Mark Grainger of Grainger Financial Management Limited, who has won £150 worth of Amazon vouchers in our iSourceMortgages competition.

Winner of our competition of the last two months, Mark says “Since using iSourceMortgages, the quality mortgage data has never been easier to obtain. iPad’s are fantastic in client meetings as they help deliver advice in a friendly way, much better than hiding behind a laptop screen! We need all the efficiencies possible in a much busier mortgage market.”

It costs you nothing to download iSourceMortgages on to your iPad and trial it for 30 days, after which, there will be a monthly subscription of £10.00 plus VAT. Download iSourceMortgages on your iPad here.

12 things you may not know about mortgage sourcing

Sourcing systems have changed beyond recognition since Peter Nice built the first one in 1986. But are brokers using these systems to their full potential? Mark Lofthouse, CEO of multi-award winning mortgage technology solutions provider Mortgage Brain, has his doubts, so here are his top 12 things brokers might not know about mortgage sourcing.

1 – You can use multiple tabs to illustrate different client scenarios

Clients want to understand their options and after looking at A, B and C they’ll go back to A again. Using a single tab makes that time consuming and confusing. Using the multiple tab option, which are featured on the newest sourcing systems available, however, allows you to both illustrate the different requirements and retain them.

2 – Client searches can be saved and reloaded

Carrying out research for a client is essential. But it all needs recording and storing. The latest mortgage sourcing systems are capable of saving every different scenario and allow you to reload your searches at a later date.

3 – Excluded products can be displayed

Sometimes a product which you think perfectly matches a client’s criteria isn’t displayed in the results. Today’s systems will display both matching and non-matching products so you can see the reasons for exclusion.

 4 – Best buy schemes can be personalised

Clients will often ask you about a ‘best buy’ product they have seen advertised. At the touch of button,  your sourcing system should allow you to tailor the search results to display all the best buy products to meet a client’s requirements.

5 – ‘Standard’ searches can be stored and applied to your client’s terms

Intelligent sourcing systems save time by allowing you to store a number of searches which can be applied to every client with those needs.

6 – Data from other systems can be automatically imported

These days,  systems have improved so much that they can now import information quickly and seamlessly. There’s no reason why you should have to start from scratch and re-key client data.

7 – Overseas mortgages can be sourced just as easily as those from the UK

Simply select the ‘overseas’ filter – your system should have one – and a list of countries will appear. Choose the one you need and the rest of the process is as if sourcing for a UK mortgage.

8 – You can source or produce KFIs for withdrawn products

If a product has been withdrawn, today’s systems allow you to easily find it by using the ‘withdrawn’ filter.

9 – Products and schemes can be manually removed

Sourcing systems should allow you to remove products manually by adding your own exclusion options.

10 – You can source for adverse mortgages

Sourcing systems now provide you with a range of adverse products through the adverse filters option. These filters should help gain and retain clients.

11 – Applying BTL filters can speed up the sourcing process

Today’s sourcing systems allow you to select the BTL filter right at the start, which speeds up the process immensely. Other filters can be applied in the normal way.

12 – The effects of changing mortgage payments can be displayed and illustrated to your clients

A graphing function  is offered by many of today’s systems  which is an excellent visual way of demonstrating the short and long term impact of making such a change.