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8 – You can source or produce KFIs for withdrawn products
If a product has been withdrawn, today’s systems allow you to easily find it by using the ‘withdrawn’ filter.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.