Our Systems and GDPR

With the new General Data Protection Regulation (GDPR) coming into force this week, on 25th May, we’ve been working hard to ensure our systems are enhanced ahead of the new rulings, so that you can be confident that our technology will keep you compliant.

Our enhancements have addressed the main areas of GDPR relevant to the functionality of our systems and the way you use them: definition and handling of personal data, the right to be forgotten, recording of clients’ consent, data portability and the right to object. This blog explains how we have updated and improved each of our systems so that you can have complete peace of mind after 25th May.

Mortgage sourcing

Both MortgageBrain Classic and MortgageBrain Anywhere have had several improvements and enhancements in light of GDPR.

There is now much greater flexibility and control in client data handling, for example enabling you to choose various options when deleting client records or exporting client data – some of the main GDPR requirements.

Deleting data

As GDPR requires you to justify why you’re keeping client data, our sourcing systems now enable you to find dormant clients in order to delete their data or re-contact them if needed. There is a ‘find dormant clients’ option, which you can select to bring up the clients to review.

The new rules also state that no record can be kept of any client data which has been deleted. Therefore, your deleted clients list will only contain a unique client ID, who deleted the client, when, and why.

A ‘deleted clients’ list can be exported in a CSV file to another location allowing it to be saved as part of the GDPR record keeping process.

Exporting data

Another stipulation of GDPR is to be able to export client data in a common standard format. This is to comply with the ability to provide clients with their data so that they can check and confirm that what is being held is correct.

We have also now made it easy to export this data, with a new export button, which also allows you to save the data to a file which can then be given to the client.

CRM, back office support & compliance systems

The Key, our CRM system, stores a great deal of client data, so there is now additional functionality to ensure you can fulfil your GDPR responsibilities. The enhancements include the ability to record consent, and the right for clients to be forgotten.

There are multiple enhancements to recording consent located in the ‘consent manager,’ as well as the ability to record ‘processing consent.’ Users are also able to record marketing consent via mail, email, phone and text message.

All of the Key’s deletion processes have been reviewed to ensure all personal data is removed to comply with GDPR. We have included a new function, enabling you to select multiple client records to be deleted all in one go. You can also search free text recorded as notes in order to search for, and delete, personal data that isn’t stored in the main client record.

The Key’s data portability features have also been reviewed, so that all necessary personal data is available. Industry-standard formats are now used, and records of activity now kept within the Key.

Finally, we have also reviewed our Fact Find functionality and have ensured that amendment of dependents data is recorded to ensure compliance with GDPR.

Multi-lender mortgage application platform

MTE, our mortgage application system, as with our other products already fulfilled most of the GDPR requirements, with personal data being password protected and encrypted. However, we have made further enhancements ahead of this month’s implementation of the new rules, including the ability to delete applications permanently, export client data as a CSV file and the ability to keep a record of client data exports and deletions. Furthermore, we have introduced a new option to record a free text note when deleting a client.

Your responsibilities

While our systems enable you to be fully GDPR-compliant, there are still responsibilities which lie with you. These include ensuring your computers are running software which is fully secure, and operating systems supported by providers. Any applications you use should be kept fully up-to-date, as well as protected by strong passwords to ensure security of data you store. We also recommend using screensavers for when you’re away from your computer for added protection.

You can find details about GDPR and our privacy policy, terms and conditions and release notes for the latest versions of MortgageBrain Classic, MortgageBrain Anywhere, MTE, the Key and MortgageStream on the GDPR page on our website.

If you’d still like to read more about GDPR, with the regulations coming into place on 25th May 2018, a presentation on the topic can be found here.

Meet the team: Chris Brown

An integral member of the Mortgage Brain family, Chris has been part of our sales team for a good few years now. He spends his time meeting advisers, mortgage clubs and networks and is an avid Twitter user – you can follow him @chrisbrownmbl. We quizzed him on all things Mortgage Brain – as well as some added extras…

How long have you been working at Mortgage Brain?
Six whole years!

What does a typical day look like for you?
Every day is different and ranges from travelling the length of the country for meetings with brokers and networks to carrying out webinars. It’s a complete mixed bag.

What’s your favourite part of your job?
The sheer variety of the role makes every day enjoyable!

What is your best Mortgage Brain memory?
There have been many memories, however, the signing up of a large network to use our software having beaten off the new entrants into the market has to be the highlight.

Why Mortgage Brain – what drew you to the company?
Technology will continue to lead the way for advisers and as Mortgage Brain has the pedigree and track record – why not join the best?

Tea or coffee?
I do enjoy my coffee, however, a nice cup of Earl Grey always goes down well.

You’re stranded on a desert island. Which co-worker would you like to have with you, and why?
Dionne Pullen as she always brings food to our meetings and no doubt would be prepared!

What’s your best party trick?
My wife would say my dancing – always good for a laugh.

Do you have any bad habits – especially ones that annoy the rest of the office?!
As I am rarely in the office, I am not there enough to annoy people!

What’s your best quality, and how does it help you at work?
Being Northern, it has to be my down to earth approach to life!

Meet the team: Craig Kerrigan

As you’re reading our blog, you probably know plenty about our company, systems and what we offer. But how much do you know about the people behind Mortgage Brain? Our new series will allow you to meet our team – the people who bring our company to life and are the face of our Mortgage Brain.

You’ve met Lee Richardson, now we’d like to introduce you to Craig Kerrigan, one of our national account managers, who is a Mortgage Brain newbie, and an integral part of our team.

How long have you been working at Mortgage Brain?
Coming up to five months now, I’ve been here since early September 2017.

What does a typical day look like for you?
I guess that the old adage “there’s no such thing as a typical day” is relevant. 
Some days I’ll be out with our existing clients at their premises (wherever around the UK that may be) for account meetings, reviewing where we are currently and also where we’re going together in the future to support their business. Other days, I might be in one of our offices (Bromsgrove or Croydon) for meetings with our sales and/or support teams. I’m home-based officially, so there will also be maybe a couple of days per week for prospecting for new clients and required administration.

 What’s your favourite part of your job?
The client contact, as mentioned above, ensuring that Mortgage Brain and our customers are working 
in partnership to support their businesses and deliver a great service to them and their end customers.

What is your best Mortgage Brain memory?
Our adventures around the UK – from Newcastle to Belfast, to London to Worcester, to Newport – between September and November 2017. We delivered ten Mortgage Vision events to over 1,000 Advisers – 98.9% of whom would recommend them to a colleague and 95% rated the events as either excellent or very good.

It was fantastic to see so many Advisers attend to hear about the marketplace from the Association of Mortgage Intermediaries (AMI), and the General Data Protection Regulation (GDPR) from ourselves. Feedback was that Advisers and firms still required support with this, and that’s what we’re doing currently. Hard work to put on but fun and rewarding.

Why Mortgage Brain – what drew you to the company?
Upon talking to various people in and around both the industry and the company, their approach to 
 managing both their people and their customers as valuable individuals.

Tea or coffee?
I’m one of those strange and rare Brits that doesn’t drink either! Soup or hot lemon when it’s cold, but, 
generally, juice or water-based drinks (I’d include beer in that!)

You’re stranded on a desert island. Which co-worker would you like to have with you, and why?
Lee Richardson for his dancing skills – anything else I say is liable to be libellous!

What’s your best party trick?
Making myself disappear at midnight!

Do you have any bad habits – especially ones that annoy the rest of the office?!
I love an all-day breakfast sandwich – which I’ve been banned from eating at my desk!

What’s your best quality, and how does it help you at work?
Trying to put myself in the customer’s shoes, ensuring that we try and meet their needs and give them a great service whilst also ensuring that we still remember that we are in business.

How much is a broker worth?

Do you think your neighbours, family and friends really understand what your job entails? In a Legal & General report, they found that more than half of UK consumers didn’t actually realise that a mortgage broker could offer greater product choice than banks or building societies – and about a third believed that brokers worked on behalf of a bank.

In fact, buyers have plenty of misconceptions when it comes to securing a mortgage and the role a broker plays in enabling them to find better deals and save money along the way.

Nearly half (48%) of homeowners and prospective buyers who did not use a broker chose not to do so because they felt their bank or building society offered them a good deal. But, as we know, as a broker, you are able to source mortgages from a much extensive pool, whereas a bank can only offer their own products.

The wider public seem unaware, however, with almost a fifth (19%) believing that brokers and banks have the same access to all mortgage products. In reality, brokers actually have plenty more options – up to eight times more than a bank or a building society. According to research, as of 30th October 2017, there were 3,721 products available direct to consumers, compared to a mammoth 29,886 available via a mortgage broker.

Not only is there a lack of knowledge about the differences between offerings of banks versus brokers, the research also discovered that one in seven respondents thought their bank or building society would be able to give them access to the same impartial advice as a mortgage broker.

The research from Legal & General highlights an education gap within the society, with a plethora of misconceptions surrounding the role of a mortgage broker and the true number of benefits they can provide to their clients. Mortgage brokers should be shouting about their ability to offer a more impartial, comprehensive service with far more financing choices when compared to a single lender. It is all about spreading the word and educating friends, family and neighbours, so that they can then spread their knowledge within their network and eventually to the wider public – all to mutual benefit.

So, next time you are asked what you do by your neighbour, a family member, a client, a friend or even someone you’ve just met, be sure not to hide your light under a bushel. Tell them what a mortgage broker does in fact do and therefore what you REALLY are worth.

2017: A year in review

Enhanced systems, superior industry-leading functionality, our biggest roadshow of Mortgage Vision events yet, plus our milestone 30th birthday party raising money for charity….. How do we begin to review just how great 2017 has been for you and us?

Let’s start with our systems.

You, our valued customer, are at the very epicentre of what we do. That’s why our focus throughout this year – and every year – has been on the enhancements we could make to our products, in order to ensure you are able to make the most of what’s on offer to you, and ensure the mortgage sourcing process is as streamlined and simple as possible.

We began in February with the Key as we launched our secure Client Portal, enabling you and your clients to communicate with each other within the Portal 24/7. It was a move that brought you and your customers closer than ever before, and has allowed increased levels of communications within a highly secure environment.

Our other big announcement this year was our integrated second charge sourcing, which is now available in both MortgageBrain Classic and MortgageBrain Anywhere. The system enhancements broke new ground in our industry, offering the ability to compare as many appropriate first and second charge product side-by-side as you wish.

Provided at no additional cost, the new functionality has since enabled our customers to use both MortgageBrain Classic and, more recently, MortgageBrain Anywhere, unlike any other sourcing systems available on the market.

We also celebrated turning the big 30…

Over 300 of our closest partners joined us in April to celebrate the 30th birthday of Mortgage Brain. Not only did the evening allow us to celebrate the last thirty years in business, but it also meant we were able to raise an incredible £100,000 for our chosen charities: Birmingham Christmas Shelter, Contact the Elderly, Young Dementia, MDS UK Patient Support Group, the Alzheimer’s Society, Shooting Star Children’s Hospice, Compassion International and Haiti Orphanage Project Espwa.

30th birthday

On a fantastic evening of celebration, our CEO, Mark Lofthouse, said: “Reaching our 30th birthday is a significant achievement, and as well as giving us the opportunity to celebrate, it was a perfect opportunity to say thank you to our business partners, friends, colleagues and associates.

“It was also the perfect opportunity to help raise much-needed funds for several great causes and I would like to thank everyone who has helped us raise over £100,000 for charity, which will make a huge difference to the people they help.”

And our Mortgage Vision events were our biggest yet.

We set a new attendance record at our Mortgage Vision roadshow this year, with a 22 per-cent increase an adviser attendance – a new record in our eight-year history of running the annual events.

Almost 1,100 advisers joined us at the free-to-attend events across the UK, learning about the impact of GDPR, the creation of a digital customer experience, and plenty more. The events also include round table sessions from leading industry organisations – a real pivotal part of what makes our events so vital for you to attend.

We didn’t stop there.

This year, we’ve also added to our team to support the company’s growth and product development, reached over 12,000 conveyancing quotes with ConveyancingBrain, seen the 2 million transaction mark reached by Mortgage Trading Exchange (MTE), and announced news about numerous lenders partnering with us.

What does 2018 hold?

For the industry as a whole, GDPR will be at the very top of the agenda, as we all work towards ensuring compliance with the new rules and regulations.

Our Mortgage Vision survey found that the majority of UK advisers are at risk of non-compliance with GDPR, with 81 per-cent of survey respondents still having no implementation of rules or regulations as of November. Our main aim going into 2018 will be educating advisers as much as possible on the importance of GDPR compliance, and ensuring everyone is as prepared as can be as soon as it comes into effect.

The digital advice journey will also take centre stage in the new year and become increasingly important, and we will also be stepping in to ensure you have all the tools you need at your disposal to maximise business opportunities and stay ahead of the game.

We’re also looking forward to even more product enhancements next year, with product investment being at the heart of what we have undertaken in 2017, and a continuing focus for us going forward.

Our biggest and best year yet? That’s up for debate, but we are certainly proud of 2017’s achievements, and we can’t wait to break more new ground and help you be an even more successful adviser next year!