Little Known Facts About Electronic Trading

Although electronic trading was greeted by brokers unenthusiastically upon its launch in 2003, it has since become one of the cornerstones of the mortgage industry. The simple idea, which began with our launch of Mortgage Trading Exchange (MTE), provided a way of delivering mortgage agreements in principle (AIPs), and processing applications seamlessly between brokers and lenders.

So, what’s happened since then? We thought we’d run down some facts you may not know about electronic trading, and how brokers have taken advantage of this fantastic weapon in their armoury.

Transactions have sky-rocketed
In the first year, around 150 transactions each week were being processed using MTE. Within a couple of years, this had changed to 2,500 weekly transactions, and now, there are between 4,000 and 5,000 mortgage transactions being completed via MTE – the total figure for electronic transactions via our system stands at over two million.

The mortgage sales process continues to be supported
Although some intermediaries were sceptical about it at first, electronic trading is actually designed to support brokers in completing the advice and sales process in, or away from, their office. It offers you offline access to lenders AIPs and full application forms, meaning you only need to go online to submit applications to supporting lenders.

It offers direct access to lenders
Systems such as MTE ensure that brokers can use lenders’ own application forms alongside the platform’s own generic ones. AIPs and applications sent using MTE also go direct to the lenders, without the need to pass through any other portal. It’s just like using the lender’s service, but with more flexibility.

The systems are compliant
Another worry about electronic trading upon its introduction to the industry was whether they would cope with the tough demands and requirements from the FSA/FCA. Fast forward to the future, and the systems have more than stood the test of time with regards to how compliant they are. They have faced hurdles such as MDay and the Mortgage Market Review and surfaced at the other end unscathed.

Flexibility is one of its main strengths
Electronic trading systems allow brokers to work offline and away from the internet. This means that if they client doesn’t have all the information to hand when the mortgage application is being filled out, the application can be stored and accessed at a later date. Most systems will also work with more than one sourcing system, or as a stand-alone application, to offer the broker more choice.

Electronic trading makes brokers faster
Short on time or under pressure? You’re not alone. Many intermediaries are facing the same problems; from other brokers, the internet, or customers with apps. The main problem is clear: competition is fierce, and in order to be ahead of the game, you need to be quick off the mark. Electronic trading can get you responses in less than a minute, and faster responses mean happier clients, more sales and greater efficiency.

Easy re-sending and tracking
Before electronic trading, having a client declined meant having to start an application from the very beginning in order to submit the same application to another lender. With systems like MTE, you can re-use data from a declined application and or AIP, saving you plenty of time and meaning you don’t have to fill out the same information repeatedly.

There are big names behind electronic trading
From its very beginning, electronic trading has had the support by many of the big names in banking. For example, our MTE system is jointly owned by Lloyds Banking Group, Nationwide Building Society, RBS, Virgin Money, Barclays and Santander – not only does this give you peace of mind that the system is safe and secure, it allows you to trade electronically with committed lenders who account for over 65% of mortgages provided by intermediaries.

Already using MTE? Then we’re sure you’ll be familiar with all the fantastic benefits an electronic trading system can offer you.

If this blog has made you think a little more about electronic trading, then you can start using MTE for free today. Simply download the system here, register your details, download your cookie/token, and submit your application forms. It’s as quick as that!

Mortgage Brain Ireland

Did you know that Mortgage Brain doesn’t just operate in the UK? In 2003, we branched out to the Republic of Ireland, launching a mortgage solution system for Irish brokers, lenders and consumers.

Who is Mortgage Brain Ireland?
Mortgage Brain Ireland has held the exclusive distribution licence for our software in the Republic of Ireland for over a decade. Just like Mortgage Brain, our Irish counterparts are the leading providers of mortgage software, with many individual advisers and broker companies currently using the software. They have also created Ireland’s first free mortgage comparison and calculator app: IrishMortgages. This is equivalent to the UK app UKMortgages.

What is the IrishMortgages app?
The app was launched last year, and is the first free mortgage comparison app in Ireland, having been used over 30,000 times by Irish consumers in the past year. It allows users to explore various mortgage and affordability options throughout the country. The app also enables users to find a qualified Irish broker to assist with the process.

It incorporates a mortgage calculator, which is able to determine the cost of a mortgage per month, the deposit size, and the income an individual will need for this size mortgage.

IrishMortgages then calculates how much someone can borrow, based on the latest Central Bank lending rules, which are updated daily. The app also keeps a clear record of all searches done, which is a handy comparison and tracking tool for consumers.

How can an app like this help?
The mortgage app is particularly useful in Ireland as there is a national problem with individuals not understanding mortgages correctly.

Research has found that almost seven out of ten people in Ireland don’t know how much interest they will pay their lender over the lifespan of their mortgage. This highlights the need for the work being done by Mortgage Brain Ireland to teach and inform consumers.

What else does Mortgage Brain Ireland offer?
Just like Mortgage Brain in the UK, Mortgage Brain Ireland offers Mortgage Trading Exchange (MTE), which speeds up the mortgage application process considerably.

The MTE software permits brokers to trade electronically, allowing them to send, track and view applications and documents online. This eliminates the need for paper, thus enabling the process to be a lot smoother.

The Association of Expert Mortgage Advisors (AEMA) has also recently adopted Mortgage Brain Ireland. AEMA account for almost 50 percent of mortgage broker business in Ireland and are implementing MTE from Mortgage Brain in their move to an electronic mortgage-trading platform.

Lenders only need to integrate MTE once into their back office – there’s no need to build and maintain multiple bridges to systems from different broking firms. This saves both time and money.

What is the overall goal for the company?
Mortgage Brain Ireland estimates that, over the next four years, the industry could save €12 million in both cost savings and productivity, so long as both brokers and lenders adopt this standard electronic mortgage trading platform.
Therefore, the end goal for Mortgage Brain Ireland is to make the mortgage application process digital and establish a common trading platform for the industry as a whole.

As previously mentioned, research has shown that consumers in Ireland are not completely clear when it comes to mortgages and the process it entails. Mortgage Brian Ireland is aiming to provide support and information in order to educate consumers, ensuring they are as informed as they can be about the mortgage process and know exactly what they need to do.

You can work SIMPLY SMARTER not harder!

More than 12 UK dates to choose from – BOOK NOW!

Our new FREE seminar series starts in September, offering you the chance to work SIMPLY SMARTER, following on from our successful seminars earlier this year.

Promoting ‘The 5 Essentials of Mortgage Marketing‘ – you’ll discover new sales tools to essentially boost your business and brand YOU!

Take a fresh look at our MortgageBrain B2Cinsight’ Websites and the sourcing tools of ALL NEW MortgageBrain to make your business simply smarter and work harder for you.

FREE to attend

The 5 Essentials for Mortgage Marketing’ covers how you can compete and overcome challenges both personal and business to think smarter and use practical ideas and tools to your advantage. Based and themed on the best seller business book called Genius by James Bannerman this is a great free seminar to become simply smarter.

“You can find inspiration in everything and if you can’t look again.”
Paul Smith designer: quote courtesy of the Genius© book

Call our booking hotline today 0871 384 0194

Book online here

Or email our team team@mortgagebrainexpo.co.uk

Mortgage Brain extends run of ‘Working Smarter’ seminars

Following the success of its first series of ‘Working Smarter’ seminars, Mortgage Brain, the most widely used and preferred mortgage technology solutions provider, is taking to the road again to host a number of new events throughout April and May.

The half-day events, which are free to attend for all intermediaries, include ‘Working Smarter’ presentations from industry experts on how to generate new sources of income and are designed to give attendees a unique opportunity to learn how the ‘7 Steps to Mortgage Marketing’ can support and help improve business performance.

Attendees will also be given a detailed insight into Mortgage Brain’s suite of products including ALL NEW MortgageBrain for fast, accurate and multiple product sourcing, the Mortgage Trading Exchange (mte) and its innovative MortgageBrain B2C ‘Insight’ web solutions.

Mark Lofthouse, CEO of Mortgage Brain, comments, “Hundreds of brokers attended the first series of events and their feedback has been so positive that we’ve decided to hit the road again and go back on tour.

“The events have been put together to give brokers all the tools and knowledge they need to enable them to work smarter and not harder in order to promote their business to their customers and prospects; and generate better sales and income streams.”

The events are being supported by Legal & General, LV= and IFAConveyancing and are being held in various prime hotel and easy access venue locations during April and May. For further event information, including dates, venues and free booking details, visit www.mortgagebrainexpo.co.uk

Join the Mortgage Brain Linkedin group… click here

Mortgage Brain events offer secrets to success – new dates in April / May!

Mortgage Brain, the most widely used and preferred mortgage technology solutions provider, has announced the launch of a new series of ‘Working Smarter’ seminars, which will be taking place throughout the country during April & May 2012.

The half-day events, back by popular demand and free to attend for all intermediaries, have been designed to give attendees a detailed insight and a number of tips for doing more business and generating better sales.

Supported by Royal London, Legal & General, LV= and IFAConveyancing, the events will include ‘Working Smarter’ presentations on how to generate new sources of income as well as giving attendees a unique opportunity to learn how the ‘7 Steps to Mortgage Marketing’ can support and help improve business performance.

Attendees will also be given a detailed insight into Mortgage Brain’s suite of products including ALL NEW MortgageBrain for fast, accurate and multiple product sourcing, the Mortgage Trading Exchange (mte) and its innovative MortgageBrain B2C ‘insight’ web solutions.

Mark Lofthouse, CEO of Mortgage Brain, comments, “The UK mortgage market is now more challenging and complex than it has ever been and consumers’ wants and needs in the financial services arena are constantly changing. It’s crucial, therefore, for brokers to have all the tools and knowledge they need to continue to compete at the highest possible level.”

“The framework for our ‘Working Smarter’ events has been carefully put together to give brokers a unique and detailed understanding about working smarter and not harder in order to continue to promote their business to their customers and prospects, and generate better sales and income streams.

“Attendees will also be able to learn how they can earn extra commission from third party product sales and generate new sources of income as well as having the opportunity to network with peers and listen to industry speakers give an insight into the current mortgage market.”

For further event information, including dates, venues and free booking details, visit www.mortgagebrainexpo.co.uk

Join the Mortgage Brain Linkedin group… click here

Mortgage Brain scoops award hat-trick

Mortgage Brain, the industry’s most widely used and preferred mortgage technology solutions provider, has been crowned ‘Best Technology Provider’ for the third year in a row at the 2012 Mortgage Strategy Awards.

The company was shortlisted for the finals for the third successive year and excelled in all areas of the criteria set by a judging panel of high-level industry experts to once again, emerge number one in the ‘Best Technology Provider’ category.

This year’s win sees Mortgage Brain receive the prestigious accolade in successive years since the award was first introduced in 2010, which allows customers to vote for any company that provides technology solutions to the UK mortgage industry.

Mark Lofthouse, CEO of Mortgage Brain who collected the award on behalf of the company at the awards ceremony at Grosvenor House said, “To win this award once is a great achievement in itself; to win it three times in a row is absolutely amazing and is a great testament to the continuous hard work, commitment and dedication from our staff and partners.

“Despite the current economic challenges we’ve continued to grow market share across all areas of the business and with further investment and development of our technology and service offerings, we’re looking to build on this throughout 2012 and beyond.

“We’re thrilled that our continued focus, investment and delivery of market-leading technology solutions has been recognised at this year’s Mortgage Strategy Awards and would like to thank all of our customers and partners for their continued support.”

Join the Mortgage Brain Linkedin group… click here

Mortgage Brain events offer secrets to success

Mortgage Brain, the most widely used and preferred mortgage technology solutions provider, has announced the launch of a series of ‘Working Smarter’ seminars, which will be taking place throughout the country during March.

The half-day events, which are free to attend for all intermediaries, have been designed to give attendees a detailed insight and a number of tips for doing more business and generating better sales.

Supported by Royal London, Legal & General, LV= and IFAConveyancing, the events will include ‘Working Smarter’ presentations on how to generate new sources of income as well as giving attendees a unique opportunity to learn how the ‘7 Steps to Mortgage Marketing’ can support and help improve business performance.

Attendees will also be given a detailed insight into Mortgage Brain’s suite of products including ALL NEW MortgageBrain for fast, accurate and multiple product sourcing, the Mortgage Trading Exchange (mte) and its innovative MortgageBrain B2C ‘Insight’ web solutions.

Click here to view the full article.

Click here for further event information including dates, venues and free booking details.

Join the Mortgage Brain Linkedin group… click here

Leading the Way……. FREE Working Smarter Seminars – BOOK NOW!

Our ‘Working Smarter’ seminars are part of our FREE to attend events in over 15 locations across the UK. These must attend seminars will help you understand more about ‘Working Smarter’ and how our products can support your business.

The seminars are for all intermediaries including both Mortgage Brain and non-Mortgage Brain customers. The ‘Working Smarter’ presentations will cover MortgageBrain B2C, the new ‘insight’ web tools for better lead generation, ALL NEW MortgageBrain and Mortgage Trading Exchange (mte). It’s about generating new sources of income – Working Smarter not harder!

The ‘Working Smarter’ Seminars are being held in various prime locations across the UK during February and March 2012 and there is bound to be one near you:

Date                  .Location – Venue
28th Feb             Bromsgrove – Hilton
7th March           Newcastle – Newcastle Falcons
7th March           Bristol – Tortworth Court Four Pillars Hotel
7th March           Bradford – Cedar Court Hotel
8th March           Colchester – Stoke by Nayland Hotel
13th March         Brighton – Brighton Racecourse
13th March         Lichfield – Holiday Inn Express
13th March         Knutsford – The Mere
14th March         Kings Cross – Premier Inn
15th March         Barnsley – Tankersley Manor
20th March         Coventry – MacDonald Ansty Hall
22nd March        Plymouth – Plymouth Argyle FC
27th March         Swansea – Swansea City FC
27th March         Twickenham – Stadium Rugby House
28th March         Glasgow – Holiday Inn Express
28th March         London Stratford – Holiday Inn Express
29th March         Bournemouth – AFC Bournemouth FC

Click here to visit our website for more information.

Call us on 0871 384 0194 or click here to book your FREE place now!

Join the Mortgage Brain Linkedin group… click here