The COVID-19 pandemic has forced all of us to rethink the way we do business, bringing technology to the forefront as vast amounts of the UK workforce migrates to working from home.
This has undeniably brought challenges across financial services, notably within the mortgage industry for lenders, for you, and your customers, as the shape of the mortgage industry continues to change almost daily.
Some of the most rapidly evolving changes have occurred as a result of mortgage lenders reviewing their product ranges and policies for new and existing customers alike, mainly due to operational constraints and to support the government’s payment holiday scheme. It is now reported that 1 in 7 mortgage holders in the UK have requested a payment holiday.
On 14th April Mortgage Brain reported the number of products available were down by 7,179, 49.1% lower than the nine-week average to 16th March.
Keeping up to date with the frequency and complexity of the changes poses new challenges for your business including how to best obtain timely, accurate information, and understand how these rapid changes are impacting your business and your clients. Particularly as an overwhelming amount of information is posted across a multitude of channels by numerous sources.
As mortgage technology experts, at Mortgage Brain, we take pride in the accuracy, timeliness and relevancy of the information we publish and have available within our sourcing and criteria solutions. Throughout the COVID-19 pandemic we have enhanced our efforts to provide access to accurate and relevant information by allowing users of our offline sourcing product to access the online version for free for at least 90 days. And, we extended this offer to Criteria Hub for new users*, while also inviting lenders to update their policies on the platform in real-time.
During these challenging times, we have also acted upon customer feedback to provide additional support through a platform to relay the truth of COVID-19’s impact on the industry across policy, product, and news, all from one source. With this in mind, on 20th April, we proudly announced the launch of a newly developed, bespoke solution in the form of the COVID-19 Support Hub on Criteria Hub.
Introducing our COVID-19 Support Hub on Criteria Hub
Our dedicated support hub contains easily accessible resources including:
- Lenders Impact Page allowing you to access regularly updated information populated direct from the lenders themselves; and
- COVID-19 News Portal displaying criteria, product, and industry news as it is released
The platform is open to everyone and provides a single source for mortgage industry updates at this time of uncertainty. However, fully registered Criteria Hub customers can also benefit from access to specific policy notes directly from lenders on the page, and from within Criteria Hub itself, to assist with customer advice at a time when clarity is more important than ever.
Criteria Hub remains free for at least 90 days to new users, enabling all advisers to take advantage of its latest features (**offer ended 31 July 2020). Register today, and equip yourself with the knowledge to support your clients during these difficult times by visiting the Criteria Hub Support Hub or emailing firstname.lastname@example.org.
Any existing customers that would like to have a demonstration of the new functionality can email email@example.com to arrange a free online session.
* Please allow two working days to process applications
**The 90-day trial offer ran from 20th April – 30 July 2020 and is no longer available