Tag Archives: Mortgageadvisers

2020 Vision: Looking back

Throughout an undoubtably challenging year, businesses across the world have worked tirelessly to combat the impact of the pandemic on both their business and their industries.

During this time, Mortgage Brain is proud to have not only powered through but to have continued to support the industry through innovations and developments including launching the COVID-19 support hub, a lender service levels report and our affordability sourcing product, Affordability Hub.

We’ve taken time to reflect on the challenges and successes of the year which we’re pleased to share with you.

Information overload

Early on in the pandemic, a key challenge was identified as the overwhelming amount of information being released on a daily basis. Advisers struggled to keep track of the rapid changes to products available, policies and lender’s criteria. The volume of information was vast, and the situation was evolving rapidly. So how could an adviser be sure the information given to a client was up-to-date and accurate without having to invest significant time scouring the internet?

By utilising a combination of product information, criteria updates, and an industry news feed, Mortgage Brain rapidly developed a portal that was free and available for anyone to access which collated all this information to provide one source of truth about the pandemic’s impact on the market. In April this launched as part of the COVID-19 Support Hub on Criteria Hub which includes easily accessible resources covering:

  • Lenders Impact Page allowing advisers to access regularly updated information populated direct from the lenders themselves, and
  • COVID-19 News Portal displaying criteria, product, and industry news as it was released

The COVID-19 Support Hub has proved to be very popular with almost 13,500 visits to the portal from the start of April through to the end of July, 7800 of which were registered Criteria Hub users. All this essential market information can still be accessed for free via the Criteria Hub website.

Efficiency as a currency

With many businesses being reliant on smaller teams due to operational restrictions, the value of time increased exponentially. As a mortgage technology expert, we are constantly reviewing how technology can help advisers and lenders alike streamline their processes.

For advisers, Affordability Hub: This innovative new solution uses just one simple form to capture details of a client’s property, income, debt, and expenditure. Once this is done there is no re-keying needed as this standardised form can be submitted to the affordability calculators of all lenders on the platform. Within a minute results are returned including a screenshot of each lender’s decision page, giving advisers a complete audit trail for compliance. The platform has truly been embraced with over 30 lenders live and with hundreds of searches being undertaken each hour with a total of £10 billion of affordability searches performed in the first three months since launch.

For advisers, transforming sourcing: To further enhance the sourcing journey for customers, Mortgage Brain launched an integration from its product sourcing systems that enables customers to access information from Criteria Hub providing a comprehensive search to be completed covering both products available and criteria within a single user journey.

Alongside the launch of Affordability Hub, it creates a powerful suite of solutions that cover all three aspects of mortgage sourcing to provide a complete picture of the whole market and enables an adviser to ensure the recommended mortgage fits the customer’s criteria, is affordable to them, and is the most suitable product.

For lenders, Lender Affordability Calculator: Some lenders have their own inhouse affordability calculator, but for those that don’t we provided the ability to have a detailed, bespoke and configurable lender affordability calculator solution that can be used for both residential and buy-to-let customers.

The calculator can be embedded in intermediary-facing websites or there is a modified and simplified ‘quick calculation tool’ for consumer-facing websites. As you would expect from a Mortgage Brain solution, the Lender Affordability Calculator offers easy integration into a lender’s website, backed up by monthly analytics to help assess performance.

For lenders and advisers alike, managing expectations: When the market reopened following the first lockdown, an astounding resurgence of the purchase market arose which was the result of a flurry of applications and requests to already busy lender teams.

Seeing the challenges experienced we worked quickly to develop a Lender Service Levels report to provide advisers with a consolidated view of the current service standards of lenders. Available through the COVID-19 Support Hub on Criteria Hub, the document is updated daily to give advisers an overview of waiting times for each lender and the time taken by each lender to process an application and make an offer.

2021 and beyond…Throughout the year, Mortgage Brain has continued to launch platforms that not only support the market but change the way advisers work for the better. We will not slow down and look forward to sharing even more innovations with you in the new year!

To find out more about Mortgage Brain’s suite of powerful solutions that together offer a seamless end-to-end journey from sourcing through to conveyancing, email sales@mortgage-brain.co.uk.