Mortgage Brain and MCD

Mortgage Brain and MCD

It goes without saying that the new Mortgage Credit Directive (MCD) rules have caused yet another shake up in the mortgage industry, coming into force on 21st March 2016. Ultimately, it means changes to the familiar KFI, and BTL products etc. and also massive change for Advisers as Second Charge mortgages become regulated and part of the advisory process.

We’ve spent many months since the original announcements, working with Lenders and pouring over the Financial Conduct Authority (FCA) commentary and documentation to ensure that Mortgage Brain systems can accommodate all the new requirements of MCD for both Lenders and Advisers alike.

We are yet again one step ahead of our competitors; having adjusted, enhanced and enriched our systems well before March 21st. Our main focus continues to be to support all our customers with any required changes to any element of the sales process whether due to regulation or improved usability or functionality.

So how has Mortgage Brain enhanced their systems?

Mortgage Brain’s market leading mortgage sourcing systems, MortgageBrain Classic and MortgageBrain Anywhere, feature a number of new enhancements and capabilities that fulfill regulatory changes for both our customers and Lenders.

Our sourcing systems now offer Advisers the choice to produce either the new ESIS illustration as required by the MCD European Directive or the updated new KFI documentation for each mortgage product. Elect to receive either an ESIS, KFI or simply the documents (ESIS or new KFI) required by the Lender, in your settings and the default illustration will be shown on the screen for all sourced products. Other enhancements include filters for Foreign Currency mortgages, Consumer BTL products, re-mortgage registration fees and a historic Annual Percentage Rate Charge (APRC) capability.

For a full understanding of the MCD changes to our products, please visit the website www.mortgage-brain.co.uk and go the Help and Support section.

What else have Mortgage Brain done?

We have also launched a free second charge loan sourcing system called LoansBrain www.loansbrain.co.uk. It is a new, whole-of-market, secured loan-sourcing website, that is FREE. It enables Advisers to source a range of products from the UKs leading secured loan Lenders and either forward the client’s details direct to a Master Broker or simply refer.

To further help Advisers to manage all aspects of their mortgage advice, sales and compliance process in light of MCD, MortgageBrain has also enhanced its point-of-sale, compliance and CRM system, the Key.

What does Mortgage Brain have to say about all this?

Mark Lofthouse, CEO of Mortgage Brain, comments, “The roll-out programme for our new MCD ready systems has been underway for some time now and we’re delighted that all our systems are ready and available in advance of the implementation of the Mortgage Credit Directive. The new enhancements we’ve made to our sourcing and point-of-sale systems are a result of our continuous investment programme and further demonstrate our commitment to delivering the best technology for brokers.”

What’s the bottom line?

It’s safe to say that, we continue to enhance and develop our systems to ensure that we offer all our customers the very best in mortgage technology solutions!