12 things you may not know about mortgage sourcing

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8 – You can source or produce KFIs for withdrawn products

If a product has been withdrawn, today’s systems allow you to easily find it by using the ‘withdrawn’ filter.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.

NewBuy Guarantee filter available on ALL NEW MortgageBrain

Mortgage Brain, the industry’s most widely used and preferred mortgage technology solutions provider, has developed and launched a NewBuy Guarantee scheme filter to enable brokers to instantly identify mortgages from lenders that have recently brought out specific NewBuy products.

The development is in line with the Government’s recently announced ‘NewBuy’ initiative, where first time buyers need only a 5% deposit rather than the expected 20% for all new build properties, and sees Mortgage Brain become the first sourcing system provider to offer this service just days after the Government’s announcement.

Available on all versions of ALL NEW MortgageBrain, the NewBuy product search facility currently applies to a number of UK lenders including NatWest, Nationwide and shortly Barclays with more expected to come on stream in due course.

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Mortgage product numbers stabilised

The number of mortgage products available to UK mortgage intermediaries has stabilised with data from Mortgage Brain’s latest Monthly Product Analysis showing marginal change in overall availability during the past six months.

Compared to the start of July 2011, the total number of live mortgage schemes listed on its market leading mortgage sourcing system has increased by just 6% (an additional 759 new products) indicating a reasonably slow and steady stabilisation in product movement in the UK intermediary mortgage market.

An analysis of the industry’s three main mortgage types further supports this with Fixed rate products showing a mere 2% drop in overall availability since July 2011. A 4% increase in Trackers has seen their availability rise slightly over the same period from 3,237 to 3,378 as of 2nd January 2012.

Variable rate products, however, whilst representing the least number of mortgage products, have shown the strongest performance over the past six months – increasing by 50% from 1,500 on 4th July 2011 to now stand at 2,252.

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Mortgage products remain at three year high

The number of mortgage products available to UK mortgage intermediaries has remained at a three year high for the second month running, according to figures released from Mortgage Brain’s Monthly Product Analysis.

For the first time in 11 months the total number of live mortgage schemes listed on its market leading mortgage sourcing system dropped slightly (down 1%) during October. Current figures, as of 31st October 2011, now list 14,203 products compared to 14,361, which were listed at the start of the month.

The slight decline (a withdrawal of 158 products), however, is easily overshadowed by the longer term analysis, which continues to paint a positive picture of the current UK mortgage market. The latest data, which represents a 42 month high, shows an impressive 86% uplift in overall product availability compared to this time last year, and a 21% increase compared to six months ago.

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