Mortgage Credit Directive is coming

Mortgage Credit Directive is coming…but you are in safe hands!

We’ve all heard about the European Mortgage Credit Directive (MCD) – but how will the changes affect the way you use your Mortgage Brain technology?

In July we revealed that we would be making changes to our systems to accommodate the new requirements. The most important change being that ESIS/KFI+ will replace the KFI. The KFI+ will be compulsory from 21st March 2016, but the KFI will not be phased out completely until 2019 and then it will be replaced by ESIS.

Lenders are expected to be using either KFI+ or ESIS by March next year. The good news is that we will produce both an ESIS and a KFI+ to accommodate. We’ll start releasing the new features early 2016 to make sure all of our customers can stay compliant under the new legislation.

The other change is the launch of our whole-of-market secured loans sourcing website called LoansBrain. Developed in partnership with master brokers, it’ll be free to use and no registration will be required. You’ll be able to access it via a standalone website in the first instance and later on, it will launch it directly from MortgageBrain Classic, MortgageBrain Anywhere and the Key.

Our CEO Mark Lofthouse comments: “We continue to work hand-in-hand with brokers and lenders to provide market leading technology solutions that not only meet but far exceed the basic regulatory requirements.”

We’ll be announcing all the changes and additions in due course, so keep an eye on SimplyBiz news to stay up to date.

You can see more info on MCD on our website press release page.

Mortgage Vision events

Mortgage Vision events

The Mortgage Vision events kicked off last month at Villa Park in Birmingham. Our team arrived first thing to set up and the attendees began arriving at 8.30am to participate in some networking before the event started.

The day began with three platform speakers from Association of Intermediaries (AMI), Nationwide and our very own CEO, Mark Lofthouse. The main focus of each of the presentations – and in fact the day – was the recent changes made by the Mortgage Credit Directive (MCD) and what those changes will mean for intermediaries.

MCD is a hot topic at the moment – although it does not come into force until 21st March 2016 – as of September 21st of this year, the new rules can be implemented. They include changes to disclosure requirements, provisions on early repayment and foreign currency loans and regulation of consumer buy-to-let lending.

After the platform speakers, there was a Q&A session, enabling all attendees to get the most out of the talks. This was followed by refreshments and the chance for more networking, before the roundtable sessions began.

The roundtable sessions were taken by 9 industry experts – Aldermore, Bright Grey, Clydesdale Bank, ConveyancingBrain, Fluent Money, MortgageBrain, Nationwide, The Mortgage Works, Skipton Intermediaries and Santander. Each session was 15 minutes and the purpose was to give the table information about the products and services on offer.

The day ended with a complementary 2course lunch, which was delicious!

The Mortgage Vision 2015 team have been in Newcastle, Manchester and Newport and will be travelling to 4 more locations over the next few weeks, starting in Winchester tomorrow, then Arsenal, Twickenham and finishing in Leeds on Wednesday 25th November.